<SEC-DOCUMENT>0000919574-20-002937.txt : 20200416
<SEC-HEADER>0000919574-20-002937.hdr.sgml : 20200416
<ACCEPTANCE-DATETIME>20200416170431
ACCESSION NUMBER:		0000919574-20-002937
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		79
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200416
DATE AS OF CHANGE:		20200416

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORDIC AMERICAN TANKERS Ltd
		CENTRAL INDEX KEY:			0001000177
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13944
		FILM NUMBER:		20797013

	BUSINESS ADDRESS:	
		STREET 1:		LOM BUILDING
		STREET 2:		27 REID STREET
		CITY:			HAMILTON HM 11
		STATE:			D0
		ZIP:			00000
		BUSINESS PHONE:		(441) 292-7202

	MAIL ADDRESS:	
		STREET 1:		LOM BUILDING
		STREET 2:		27 REID STREET
		CITY:			HAMILTON HM 11
		STATE:			D0
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORDIC AMERICAN TANKER SHIPPING LTD
		DATE OF NAME CHANGE:	19950906
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>d8496729_20-f.htm
<TEXT>
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    <div style="text-align: center; margin-top: 12pt; margin-bottom: 3pt; font-weight: bold;">&#160;UNITED STATES</div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">WASHINGTON, DC 20549</div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">FORM 20-F</div>
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              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
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      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">OR</div>
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              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
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    <div style="background-color: #FFFFFF;">
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">For the fiscal year ended December 31, 2019</div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">OR</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">
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              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
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    <div style="background-color: #FFFFFF;">
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">For the transition period from ____ to ____</div>
      <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">OR</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">
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              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: center; margin-bottom: 12pt;">Date of event requiring this shell company report: Not applicable</div>
      <div style="text-align: center; margin-bottom: 12pt;">For the transition period from ___________________________ to ___________________________</div>
      <div style="text-align: center; margin-bottom: 12pt;">Commission file number 001-13944</div>
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          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center;">NORDIC AMERICAN TANKERS LIMITED</div>
          </td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top;">
            <div style="text-align: center;">(Exact name of Registrant as specified in its charter)</div>
            <div>&#160;</div>
          </td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top;">&#160;</td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top;">
            <div style="text-align: center;">(Translation of Registrant&#8217;s name into English)</div>
            <div>&#160;</div>
          </td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top;">&#160;</td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">BERMUDA</div>
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          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center;">(Jurisdiction of incorporation or organization)</div>
            <div>&#160;</div>
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          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top;">&#160;</td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top;">
            <div style="text-align: center;">LOM Building</div>
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          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top;">
            <div style="text-align: center;">27 Reid Street</div>
          </td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top;">
            <div style="text-align: center;">Hamilton HM 11</div>
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          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Bermuda</div>
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          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top;">
            <div style="text-align: center;">(Address of principal executive offices)</div>
            <div>&#160;</div>
          </td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top;">&#160;</td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 79.42%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Herbj&#248;rn Hansson, Chairman, President, and Chief Executive Officer,</div>
            <div style="text-align: center;">Tel No. 1 (441) 292-7202,</div>
            <div style="text-align: center;">LOM Building, 27 Reid Street, Hamilton HM 11, Bermuda</div>
          </td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center;">(Name, Telephone, E-mail and/or Facsimile number and</div>
            <div style="text-align: center;">Address of Company Contact Person)</div>
            <div>&#160;</div>
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          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 79.42%; vertical-align: top;">&#160;</td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 79.42%; vertical-align: top;">
            <div style="text-align: center;">Securities registered or to be registered pursuant to Section 12(b) of the Act:</div>
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          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 26.46%; vertical-align: top;">&#160;</td>
          <td style="width: 26.46%; vertical-align: top;">&#160;</td>
          <td style="width: 26.5%; vertical-align: top;">&#160;</td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 26.46%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Title of each class</div>
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          <td style="width: 26.46%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Trading Symbol(s)</div>
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          <td style="width: 26.5%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Name of each exchange on which registered</div>
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          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 26.46%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Common Shares, $0.01 par value</div>
          </td>
          <td style="width: 26.46%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">NAT</div>
          </td>
          <td style="width: 26.5%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">New York Stock Exchange</div>
          </td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td style="width: 26.46%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">Series A Participating Preferred Shares</div>
          </td>
          <td style="width: 26.46%; vertical-align: top;">&#160;</td>
          <td style="width: 26.5%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">New York Stock Exchange</div>
          </td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.3%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 79.42%; vertical-align: top;">&#160;</td>
          <td style="width: 10.28%; vertical-align: top;">&#160;</td>
        </tr>

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    <div><br>
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    <div style="background-color: #FFFFFF;">
      <div style="text-align: center; margin-bottom: 12pt;">Securities registered or to be registered pursuant to Section 12(g) of the Act:&#160; None</div>
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    <div style="background-color: #FFFFFF;">
      <div style="text-align: center;">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">As of December 31, 2019, there were outstanding 147,230,634 common shares of the Registrant, $0.01 par value per share.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</div>
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          <td style="width: 50.06%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font> Yes</div>
          </td>
          <td style="width: 49.94%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font> No</div>
          </td>
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    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">If this report is an annual report or transition report, indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of
      1934.</div>
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        <tr>
          <td style="width: 50.06%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font> Yes</div>
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          <td style="width: 49.94%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font> No</div>
          </td>
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    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Note &#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those
      Sections.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
      such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</div>
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          <td style="width: 50.06%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font> Yes</div>
          </td>
          <td style="width: 49.94%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font> No</div>
          </td>
        </tr>

    </table>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter)
      during this preceding 12 months (or for such shorter period that the registrant was required to submit such files).</div>
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        <tr>
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            <div style="text-align: center;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font> Yes</div>
          </td>
          <td style="width: 49.94%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font> No</div>
          </td>
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    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of &#8220;large accelerated
      filer&#8221;, &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</div>
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        <tr>
          <td style="width: 50.04%; vertical-align: top;">
            <div style="text-indent: 36pt;">Large accelerated filer <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font>&#160;</div>
          </td>
          <td style="width: 49.96%; vertical-align: top;">
            <div>Accelerated filer <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.04%; vertical-align: top;">
            <div style="text-indent: 36pt;">Non-accelerated filer <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
          <td style="width: 49.96%; vertical-align: top;">
            <div>Emerging Growth Company&#160;<font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
        </tr>

    </table>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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&#8224; provided pursuant to Section 13(a) of the Exchange Act. <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Indicate by check mark which basis of accounting the Registrant has used to prepare the financial statements included in this filing:</div>
    <div><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>U.S. GAAP</div>
    <div><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>International Financial Reporting Standards as issued by the International Accounting
      Standards Board</div>
    <div style="background-color: #FFFFFF;">
      <div style="margin-bottom: 12pt;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Other</div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the Registrant has elected to follow.</div>
    <div><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Item 17</div>
    <div style="margin-bottom: 12pt;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Item 18</div>
    <div style="text-align: justify; margin-bottom: 12pt;">If this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z813f915397ab4194baa648afd2b6a35b">

        <tr>
          <td style="width: 50.06%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font> Yes</div>
          </td>
          <td style="width: 49.94%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font> No</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt;">&#160;(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the
      distribution of securities under a plan confirmed by a court.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zb5d2e5d7598d4008b7fe6fcd3dba7a94">

        <tr>
          <td style="width: 50.06%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font> Yes</div>
          </td>
          <td style="width: 49.94%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font> No</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <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%1%%%-->
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">TABLE OF CONTENTS</div>
    <div style="text-align: right; margin-bottom: 12pt; font-weight: bold;">Page</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z98d998eedeeb4181a6a5d7332c535191">

        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">PART I</div>
          </td>
          <td colspan="2" style="vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 1.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 2.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">OFFER STATISTICS AND EXPECTED TIMETABLE</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 3.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">KEY INFORMATION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">A.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">SELECTED FINANCIAL DATA</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">B.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">CAPITALIZATION AND INDEBTEDNESS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">C.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">REASONS FOR THE OFFER AND USE OF PROCEEDS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">D.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">RISK FACTORS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 4.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">INFORMATION ON THE COMPANY</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">A.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">HISTORY AND DEVELOPMENT OF THE COMPANY</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">B.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">BUSINESS OVERVIEW</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">C.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ORGANIZATIONAL STRUCTURE</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">42</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">D.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">PROPERTY, PLANT AND EQUIPMENT</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">42</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 4A.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">UNRESOLVED STAFF COMMENTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">42</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 5.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">42</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">A.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">OPERATING RESULTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">B.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">LIQUIDITY AND CAPITAL RESOURCES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">46</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">C.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">48</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">D.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">TREND INFORMATION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">48</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">E.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">OFF BALANCE SHEET ARRANGEMENTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">48</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">F.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">48</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">G.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">SAFE HARBOR</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">49</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">H.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">CRITICAL ACCOUNTING ESTIMATES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">49</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 6.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">53</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">A.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">DIRECTORS AND SENIOR MANAGEMENT</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">55</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">B.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">COMPENSATION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">55</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">C.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">BOARD PRACTICES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">56</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">D.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">EMPLOYEES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">56</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">E.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">SHARE OWNERSHIP</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">56</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 7.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">56</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">A.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">MAJOR SHAREHOLDERS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">56</div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">B.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">RELATED PARTY TRANSACTIONS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">57</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">C.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">INTERESTS OF EXPERTS AND COUNSEL</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">58</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 8.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">FINANCIAL INFORMATION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">58</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">A.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">58</div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">B.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">SIGNIFICANT CHANGES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">58<br>
            </div>
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          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 9.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">THE OFFER AND LISTING</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">59<br>
            </div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 10.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ADDITIONAL INFORMATION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">59<br>
            </div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">A.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">SHARE CAPITAL</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">59<br>
            </div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">B.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">MEMORANDUM AND ARTICLES OF ASSOCIATION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">59<br>
            </div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">C.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">MATERIAL CONTRACTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">64</div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">D.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">EXCHANGE CONTROLS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">64</div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">E.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">TAXATION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">65</div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">F.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">DIVIDENDS AND PAYING AGENTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">73</div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">G.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">STATEMENT BY EXPERTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">73</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">H.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">DOCUMENTS ON DISPLAY</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">74</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">I.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">SUBSIDIARY INFORMATION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">74</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 11.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">74</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 12.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">74</div>
          </td>
        </tr>

    </table>
    <div><br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">i</font></div>
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        <tr>
          <td colspan="3" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">PART II</div>
          </td>
          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 13.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">74</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 14.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">75</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 15.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">CONTROLS AND PROCEDURES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">75</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">A.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">DISCLOSURE CONTROLS AND PROCEDURES.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">75</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">B.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">MANAGEMENT&#8217;S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">75</div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">C.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">76</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">D.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">76</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 16.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">RESERVED</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">76</div>
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          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 16A.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">AUDIT COMMITTEE FINANCIAL EXPERT</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">76</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 16B.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">CODE OF ETHICS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">76</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 16C.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">PRINCIPAL ACCOUNTANT FEES AND SERVICES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">76</div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">A.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">AUDIT FEES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">76</div>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">B.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">AUDIT-RELATED FEES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">76</div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">C.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">TAX FEES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">76</div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">D.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ALL OTHER FEES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">76</div>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">E.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">AUDIT COMMITTEE&#8217;S PRE-APPROVAL POLICIES AND PROCEDURES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">77</div>
          </td>
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          <td style="width: 10%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">F.</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">NOT APPLICABLE.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">77</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 16D.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">77</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 16E.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PERSONS.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">77</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 16F.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">CHANGE IN REGISTRANT`S CERTIFYING ACCOUNTANT.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">77</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 16G.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">CORPORATE GOVERNANCE</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">77</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 16H.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">MINE SAFETY DISCLOSURE</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">77</div>
          </td>
        </tr>
        <tr>
          <td colspan="4" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">PART III</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 17.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">FINANCIAL STATEMENTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">78</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 18.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">FINANCIAL STATEMENTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">78</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 19.</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">EXHIBITS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">78</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ii</font></div>
      <div id="DSPFPageBreak" 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>
    <br>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Certain matters discussed herein 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 statements concerning plans, objectives, goals, strategies, future events or performance, and
      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;">The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in
      connection with this safe harbor legislation. This report 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 document, the words &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;target,&#8221; &#8220;project,&#8221; &#8220;likely,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; &#8220;may,&#8221; &#8220;seek,&#8221;
      &#8220;continue,&#8221; &#8220;possible,&#8221; &#8220;might,&#8221; &#8220;forecast,&#8221; &#8220;potential,&#8221; &#8220;should,&#8221; &#8220;could&#8221; and similar expressions, terms, or phrases may identify forward-looking statements.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our 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. We undertake no obligation to
      update any forward-looking statement, whether as a result of new information, future events or otherwise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world
      economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in the petroleum production levels set by the Organization of the Petroleum
      Exporting Countries, or OPEC, and worldwide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in
      governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or
      political events, vessel breakdowns and instances of off-hire, failure on the part of a seller to complete a sale of a vessel to us and other important factors described from time to time in the reports filed by the Company with the Securities and
      Exchange Commission, or the SEC.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <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%%%-->
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PART I</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2b1c33ec15884023b567fbd97465a01e">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 1.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f1570cbfec24a7483ce9539f33044c9">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 2.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">OFFER STATISTICS AND EXPECTED TIMETABLE</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3dc8c67276e14cc09ceab2cb47f23dd9">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 3.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">KEY INFORMATION</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-style: italic;">Throughout this annual report, all references to &#8220;Nordic American Tankers,&#8221; &#8220;NAT,&#8221; the &#8220;Company,&#8221; &#8220;the Group,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; and &#8220;us&#8221; refer to Nordic American
      Tankers Limited and its subsidiaries. Unless otherwise indicated, all references to &#8220;U.S. dollars,&#8221; &#8220;USD,&#8221; &#8220;dollars,&#8221; &#8220;US$&#8221; and &#8220;$&#8221; in this annual report are to the lawful currency of the United States of America and references to &#8220;Norwegian
      Kroner&#8221;&#160;or &#8220;NOK&#8221;&#160;are to the lawful currency of Norway.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z77972a335d6a46acbed368a87257e1e2">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">A.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Selected Financial Data</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following selected historical financial information should be read in conjunction with our audited financial statements and related notes, which are included herein, together
      with Item 5. Operating and Financial Review and Prospects.&#160; The Statements of Operations data for each of the three years ended December 31, 2019, 2018 and 2017 and selected Balance Sheet data as of December 31, 2019 and 2018 have been derived from
      our audited financial statements included elsewhere in this document. The Statements of Operations financial information for each of the years ended December 31, 2016 and 2015 and selected balance sheet information as of December 31, 2017, 2016 and
      2015 have been derived from our audited financial statements not included in this Annual Report on Form 20-F.</div>
    <table cellspacing="0" cellpadding="0" id="z451cab6fa2a94bb4b7127aba5e445bf1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
            <div style="font-weight: bold;">SELECTED CONSOLIDATED FINANCIAL DATA</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="18" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Year ended December 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
            <div style="font-style: italic;">All figures in thousands of USD except share data</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2017</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2016</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2015</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Voyage Revenues</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>317,220</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>289,016</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>297,141</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>357,451</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>445,738</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Voyage Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(141,770</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(165,012</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(142,465</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(125,987</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(158,656</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>Vessel Operating Expense</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(66,033</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(80,411</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(87,663</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(80,266</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(66,589</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div>General and Administrative Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(13,481</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(12,727</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(12,575</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(12,296</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(9,790</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>Depreciation Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(63,965</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(60,695</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(100,669</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(90,889</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(82,610</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div>Impairment Loss on Vessel</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(2,168</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(110,480</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>Impairment Loss on Goodwill</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(18,979</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div>Loss on Disposal of Vessels</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(6,619</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div>Settlement Received</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>5,328</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Net Operating (Loss) Income</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">31,971</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">(38,616</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">(175,690</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">53,341</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">128,093</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>Interest Income</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>298</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>334</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>347</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>215</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>114</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div>Interest Expense</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(38,390</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(34,549</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(20,464</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(11,170</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(10,855</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div>Other Financial (Expense)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>(4,160</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>(14,729</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>(644</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>(98</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>(167</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Total Other Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">(42,252</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">(48,944</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); font-weight: bold;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">(20,761</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">(11,053</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">(10,908</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>Income Tax Expense</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(71</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(79</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(83</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(102</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(96</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div>(Loss) Gain on Equity Method Investment</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>(7,667</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>(8,435</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>(46,642</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>(2,462</div>
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            <div>)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">Net (Loss) Income</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">(10,352</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">(95,306</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">(204,969</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">(4,456</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">114,627</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>Basic Earnings (Loss) per Share</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(0.07</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(0.67</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(1.97</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(0.05</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>1.29</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div>Diluted Earnings (Loss) per Share</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(0.07</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(0.67</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(1.97</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(0.05</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>1.29</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>Cash Dividends Declared per Share</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>0.10</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>0.07</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>0.53</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>1.37</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>1.38</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div>Basic Weighted Average Shares Outstanding</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>142,571,361</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>141,969,666</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>103,832,680</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>92,531,001</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>89,182,001</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>Diluted Weighted Average Shares Outstanding</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>142,571,361</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>141,969,666</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>103,832,680</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>92,531,001</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>89,182,001</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div>Market Price per Common Share as of December 31,</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>4.92</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>2.00</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>2.46</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>8.40</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div>15.54</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div><br>
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    <div><br>
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    <table cellspacing="0" cellpadding="0" id="z0dd1a0ab6f2244b594cc631246fba91c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>Net Cash Provided by (Used in) Operating Activities</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div>52,858</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(16,103</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>31,741</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>127,786</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>174,392</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div>Cash Dividends Paid</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>14,255</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>9,936</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>54,226</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>125,650</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>123,071</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Selected Balance Sheet Data (at period end):</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>Cash and Cash Equivalents</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>48,847</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>49,327</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>58,359</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>82,170</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>29,889</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div>Total Assets</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>1,030,903</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>1,071,111</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>1,141,063</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>1,349,904</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>1,239,194</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>Total Long-Term Debt (1)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>375,364</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>417,836</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>388,855</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>442,820</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>324,568</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div>Common Stock</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>1,472</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>1,420</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>1,420</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>1,020</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>892</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div>Total Shareholders&#8217; Equity</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>595,424</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>602,031</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>711,064</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>871,049</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>880,721</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">(1) Debt consists of $385,285, $419,867, $391,641, $447,000 and $330,000 as of December 31, 2019, 2018, 2017, 2016 and 2015, respectively (all numbers in thousands of U.S. dollars), excluding deferred financing costs.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z276dc68589a84a9c8e653957570caeea">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">B.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Capitalization and Indebtedness</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z204a4ce2c88649f3a24cb93a26a2b8b1">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">C.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Reasons for the offer and use of Proceeds</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z462562359f7142a385a61a3d8366b1a9">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">D.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Risk Factors</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Some of the following risks relate principally to the industry in which we operate. Other risks relate principally to ownership of our common stock. The occurrence of any of the
      events described in this section could significantly and negatively affect our business, financial condition, operating results or cash available for dividends or the trading price of our common stock.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Industry Specific Risk Factors</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">If the tanker industry, which historically has been cyclical and volatile, is depressed in the future, our revenues, earnings and available cash flow may decrease.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Historically, the tanker industry has been highly cyclical, with volatility in profitability, charter rates and asset values resulting from changes in the supply of and demand
      for tanker capacity. Fluctuations in charter rates and tanker values result from changes in the supply of and demand for tanker capacity and changes in the supply of and demand for oil and oil products. These factors may adversely affect the rates
      payable and the amounts we receive in respect of our vessels. Our ability to re-charter our vessels on the expiration or termination of their current spot and time charters and the charter rates payable under any renewal or replacement charters will
      depend upon, among other things, economic conditions in the tanker market and we cannot guarantee that any renewal or replacement charters we enter into will be sufficient to allow us to operate our vessels profitably.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The factors that influence demand for tanker capacity include:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd2aa5d7140144a18beeb2a7dd435688f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>supply and demand for oil and oil products;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z907c3a65132c46ffaec38fde97f577a8">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>global and regional economic and political conditions and developments, including developments in international trade, national oil reserves policies, fluctuations in industrial and agricultural production and armed conflicts;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0f5baa20bcaf41d8b72e0bde0195bdf7">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>regional availability of refining capacity;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z119bc56aa65841619a02bb3af43d3512">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>environmental and other legal and regulatory developments;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z74ab78892b5d4dae88e13972076197b5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the distance oil and oil products are to be moved by sea;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z795dcaab320740ebae1cc3768a2f6466">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>changes in seaborne and other transportation patterns, including changes in the distances over which tanker cargoes are transported by sea;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8dbc9efb5bcc408280a94a2e4be916d0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>increases in the production of oil in areas linked by pipelines to consuming areas, the extension of existing, or the development of new, pipeline systems in markets we may serve, or the conversion of existing non-oil pipelines to oil
                  pipelines in those markets;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2fb1c968585d43deb3ae19d502771031">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>currency exchange rates;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7f257fd2795a4697be00e70df23bbc84">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>weather and acts of God, natural disasters and health disasters;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z85ac037ea39240f9838cb2e413a5b0ec">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>competition from alternative sources of energy and from other shipping companies and other modes of transport;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4bceb7b626848e8b9b280a42c83f322">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>international sanctions, embargoes, import and export restrictions, nationalizations, piracy and wars;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z901418c95dc64e55be8a3a33e43bcfcb">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>economic slowdowns caused by public health events such as the recent coronavirus (&#8220;COVID-19&#8221;) outbreak; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc94dd4a56739424fb4dc64d2fe308d78">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>regulatory changes including regulations adopted by supranational authorities and/or industry bodies, such as safety and environmental regulations and requirements by major oil companies.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The factors that influence the supply of tanker capacity include:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9d9e34bdd1d44d45839ae75130b803b1">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>current and expected purchase orders for tankers;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb9a301469a142a7831442ee098ace7e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the number of tanker newbuilding deliveries;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z95ee8cc752a7465aad9422b203892e8b">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any potential delays in the delivery of newbuilding vessels and/or cancellations of newbuilding orders;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za760e751a5cd4607b33c412aff736651">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the scrapping rate of older tankers;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4ef00d1580441c0a9fea524deb6e84e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>technological advances in tanker design and capacity;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc95c9313d93f4d5b9cd28442f78d7864">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>tanker freight rates, which are affected by factors that may affect the rate of newbuilding, swapping and laying up of tankers;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z75c1ed36e03744afb636c07772c776ba">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>port and canal congestion;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9d12948751ec4017b7c1c16b1c63dae5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>price of steel and vessel equipment;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z85518ec26ec2410d89fbc75e9bc15a46">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>conversion of tankers to other uses or conversion of other vessels to tankers;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7ca1b9f52ed942548f094445a8c1e186">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the number of tankers that are out of service; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zac2dc0f15f724edf87466dd919406df5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>changes in environmental and other regulations that may limit the useful lives of tankers.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The factors affecting the supply and demand for tankers have been volatile and are outside of our control, and the nature, timing and degree of changes in industry conditions are
      unpredictable, including those discussed above. Continued volatility may reduce demand for transportation of oil over longer distances and increase supply of tankers to carry that oil, which may have a material adverse effect on our business,
      financial condition, results of operations, cash flows, ability to pay dividends and existing contractual obligations.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Any decrease in shipments of crude oil may adversely affect our financial performance.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The demand for our vessels and services in transporting oil derives primarily from demand for Arabian Gulf, West African, North Sea and Caribbean crude oil, which, in turn,
      primarily depends on the economies of the world&#8217;s industrial countries and competition from alternative energy sources. A wide range of economic, social and other factors can significantly affect the strength of the world&#8217;s industrial economies and
      their demand for crude oil from the mentioned geographical areas. One such factor is the price of worldwide crude oil.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any decrease in shipments of crude oil from the above mentioned geographical areas would have a material adverse effect on our financial performance. Among the factors which
      could lead to such a decrease are:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2258a6f1c5d849608e36c51753618884">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>increased crude oil production from other areas;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9acbadb1f6e1452aa6957f1434366ddb">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>increased refining capacity in the Arabian Gulf or West Africa;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z023760c9603a4da6b117d46c811feae5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>increased use of existing and future crude oil pipelines in the Arabian Gulf or West Africa;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc4a53663351940b9a0ef9b4fee70c351">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a decision by Arabian Gulf or West African oil-producing nations to increase their crude oil prices or to further decrease or limit their crude oil production;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z194545d3208444b6b02fc1205a3070a2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>armed conflict in the Arabian Gulf and West Africa and political or other factors; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb97b1df6945d48aaa6020c121efd8a0e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the development, availability and relative costs of nuclear power, natural gas, coal and other alternative sources of energy.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In addition, volatile economic conditions affecting the world economies may result in reduced consumption of oil products and a decreased demand for our vessels and lower charter
      rates, which could have a material adverse effect on our earnings and our ability to pay dividends.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">We are dependent on spot charters and any decrease in spot charter rates in the future may adversely affect our earnings and our ability to pay dividends.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The 23 vessels that we currently operate are primarily employed in the spot market. We are therefore highly dependent on spot market charter rates.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">The international oil tanker industry has experienced volatile charter rates and vessel values and there can be no assurance that these charter rates and vessel values will not
      decrease in the near future.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="background-color: #FFFFFF;">The Baltic Dirty Tanker Index, or the BDTI, a U.S. dollar daily average of charter rates issued by the Baltic Exchange that takes into
        account input from brokers around the world regarding crude oil fixtures for various routes and oil tanker vessel sizes, has been volatile. For example, in 2019, the BDTI reached a high of 1,958 and a low of 610. The Baltic Clean Tanker Index, or
        BCTI, a comparable index to the BDTI, has similarly been volatile. In 2019, the BCTI reached a high of 1,031 and a low of 448. Although the BDTI and BCTI were 792 and 683, respectively, as of March 5, 2020, there can be no assurance that the crude
        oil and petroleum products charter market will increase, and the market could again decline. This volatility in charter rates depends, among other factors, on changes in the supply and demand for tanker capacity and changes in the supply and demand
        for oil and oil products, the demand for crude oil and petroleum products,&#160; the inventories of crude oil and petroleum products in the United States and in other industrialized nations,&#160; oil refining volumes,&#160; oil prices, and&#160; any restrictions on
        crude oil production imposed by the Organization of the Petroleum Exporting Countries, or OPEC, and non-OPEC oil producing countries.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Charter rates in the tanker industry are volatile. We anticipate that future demand for our vessels, and in turn our future charter rates, will be dependent upon economic growth
      in the world&#8217;s economies, as well as seasonal and regional changes in demand and changes in the capacity of the world&#8217;s fleet. We believe that the relatively high charter rates that were paid prior to 2008 were the result of economic growth in the
      world economies that exceeded growth in global vessel capacity. Since 2008, charter rates have been volatile, and there can be no assurance that economic growth will not stagnate or decline leading to a decrease in vessel values and charter rates. A
      decline in vessel values and charter rates would have an adverse effect on our business, financial condition, results of operation and ability to pay dividends.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Our results of operations are subject to seasonal fluctuations, which may adversely affect our financial condition.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We operate our vessels in markets that have historically exhibited seasonal variations in demand and, as a result, charter rates.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Declines in charter rates and other market deterioration could cause us to incur impairment charges.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our vessels are evaluated for impairment continuously or whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. The
      review for potential impairment indicators and projection of future cash flows related to the vessel is complex and requires us to make various estimates, including future freight rates and earnings from operating the vessel.&#160; All of these items have
      historically been volatile. We estimate the undiscounted net cash flows from operating the vessels over their remaining useful lives and compare those to the net carrying values of the vessels. If the total estimated undiscounted net cash flows for a
      vessel are less than the carrying amount of the vessel the vessel is deemed impaired and written down to its fair market value. The carrying values of our vessels may not represent their fair market value at any point in time because the market
      prices of secondhand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. Any impairment charges incurred as a result of declines in charter rates could negatively affect our business, financial condition and
      operating results. Impairment is assessed on a vessel by vessel basis.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">An over-supply of tanker capacity may lead to reductions in charter rates, vessel values, and profitability.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The market supply of tankers is affected by a number of factors such as demand for energy resources, oil, and petroleum products, as well as strong overall economic growth in
      parts of the world economy including Asia. In recent years, shipyards have produced a large number of new tankers. If the capacity of new ships delivered exceeds the capacity of tankers being scrapped and lost, tanker capacity will increase. If the
      supply of tanker capacity increases and if the demand for tanker capacity does not increase correspondingly, charter rates could materially decline. A reduction in charter rates and the value of our vessels may have a material adverse effect on our
      results of operations and our ability to pay dividends.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Acts of piracy on ocean-going vessels could adversely affect our business.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Acts of piracy have historically affected ocean-going vessels trading in regions of the world such as the South China Sea, the Indian Ocean, the Gulf of Aden off the Coast of
      Somalia and, in particular, the Gulf of Guinea region off of Nigeria, which experienced increased incidents of piracy in 2019. Sea piracy incidents continue to occur, particularly in the Gulf of Aden off the coast of Somalia and in the Gulf of
      Guinea, although some sources report that there was a drop in the number of piracy incidents in 2016. Acts of piracy and war like conditions could result in harm or danger to the crews onboard our vessels. In addition, if piracy attacks occur in
      regions in which our vessels are deployed that insurers&#8217; characterized as &#8220;war risk&#8221; zones or by the Joint War Committee as &#8220;war and strikes&#8221; listed areas, premiums payable for such coverage could increase significantly and such insurance coverage
      may be more difficult to obtain. In addition, crew costs, including costs which may be incurred to the extent we employ onboard security guards, could increase in such circumstances. We may not be adequately insured to cover losses from these
      incidents, which could have a material adverse effect on us. In addition, detention hijacking as a result of an act of piracy against our vessels, or an increase in cost, or unavailability of insurance for our vessels, could have a material adverse
      impact on our business, financial condition and results of operations.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Volatile economic conditions throughout the world, political instability, terrorist attacks, international hostilities and global public health threats could have an adverse
      impact on our business, operations and financial results.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our ability to secure funding is dependent on well-functioning capital markets and on an appetite to provide funding to the shipping industry. At present, capital markets are
      well-functioning and funding is available for the shipping industry. However, if global economic conditions worsen or lenders for any reason decide not to provide debt financing to us, we may not be able to secure additional financing to the extent
      required, on terms acceptable to us or at all. If additional financing is not available when needed, or is available only on unfavorable terms, we may be unable to meet our obligations as they come due, or we may be unable to enhance our existing
      business, complete additional vessel acquisitions or otherwise take advantage of business opportunities as they arise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The world economy faces a number of challenges, including the effects of volatile oil prices, continuing turmoil and hostilities in the Middle East, the Korean Peninsula, North
      Africa and other geographic areas and countries. If one or more of the major national or regional economies should weaken, there is a substantial risk that such a downturn will impact the world economy. There has historically been a strong link
      between the development of the world economy and demand for energy, including oil and gas.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Continuing conflicts in the Middle East and North Africa, may lead to additional acts of terrorism and armed conflict around the world, which may contribute to further economic
      instability in the global financial markets. Terrorist attacks such as those in Paris on November 13, 2015, Manchester on May 22, 2017, as well as the frequent incidents of terrorism in the Middle East, and the continuing response of the United
      States and others to these attacks, as well as the threat of future terrorist attacks around the world, continues to cause uncertainty in the world&#8217;s financial markets and international commerce and may affect our business, operating results and
      financial condition. Continuing conflicts and recent developments in the Middle East, including increased tensions between the U.S. and Iran which in January 2020 escalated into a U.S. airstrike in Baghdad that killed a high-ranking Iranian general,
      as well as the presence of U.S. or other armed forces in Iraq, Syria, Afghanistan and various other regions, may lead to acts of terrorism and armed conflict around the world, which may contribute to further economic instability in the global
      financial markets and international commerce. Additionally, any escalations between the U.S. and Iran could result in retaliation from Iran that could potentially affect the shipping industry, through increased attacks on vessels in the Strait of
      Hormuz (which already experienced an increased number of attacks on and seizures of vessels in 2019). These uncertainties could also adversely affect our ability to obtain financing on terms acceptable to us or at all. In the past, political
      conflicts have also resulted in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly in the Arabian Gulf region. Acts of terrorism and piracy have also affected vessels trading in regions such as
      the South China Sea and the Gulf of Aden off the coast of Somalia. Any of these occurrences, or the perception that our vessels are potential terrorist targets, could have a material adverse impact on our operating results, revenues, costs and
      ability to pay dividends in amounts anticipated or at all.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In Europe, large sovereign debts and fiscal deficits, low growth prospects and high unemployment rates in a number of countries have contributed to the rise of Eurosceptic
      parties, which would like their countries to leave the Euro. The exit of the United Kingdom from the European Union and potential new trade policies in the United States further increase the risk of additional trade protectionism.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In China, a transformation of the Chinese economy is underway, as China transforms from a production-driven economy towards a service or consumer-driven economy. The Chinese
      economic transition implies that we do not expect the Chinese economy to return to double digit GDP growth rates in the near term. The quarterly year-over-year growth rate of China&#8217;s GDP was approximately 6.1% for the year ended December 31, 2019,
      decreasing from approximately 6.6% for the year ended December 31, 2018, and continuing to remain below pre-2008 levels.&#160; We cannot assure you that the Chinese economy will not experience a significant contraction in the future, especially in light
      of the impact of COVID-19.&#160; Furthermore, there is a rising threat of a Chinese financial crisis resulting from massive personal and corporate indebtedness and &#8220;trade wars.&#8221; The International Monetary Fund has warned that continuing trade tensions,
      including significant tariff increase, between the United States and China are expected to result in a 0.8% cumulative reductions of global GDP in 2020. We cannot assure you that the Chinese economy will not experience a significant contraction in
      the future.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">While the recent developments in Europe and China have been without significant immediate impact on our charter rates, an extended period of deterioration in the world economy
      could reduce the overall demand for our services. Such changes could adversely affect our future performance, results of operations, cash flows and financial position.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Credit markets in the United States and Europe have in the past experienced significant contraction, de-leveraging and reduced liquidity, and there is a risk that U.S. federal
      government and state governments and European authorities continue to implement a broad variety of governmental action and/or new regulation of the financial markets. Global financial markets and economic conditions have been, and continue to be,
      volatile.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The United Kingdom&#8217;s decision to leave the European Union following a referendum in June 2016 (&#8220;Brexit&#8221;) and it formally leaving the European Union on January 31, 2020,
      contributes to considerable uncertainty concerning the current and future economic environment. Brexit could adversely affect European or worldwide political, regulatory, economic or market conditions and could contribute to instability in global
      political institutions, regulatory agencies and financial markets. We believe that these effects of Brexit won&#8217;t materially affect our business, results of operations and financial condition.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Further, governments may turn and have turned to trade barriers to protect their domestic industries against foreign imports, thereby depressing shipping demand. In particular,
      leaders in the United States and China have implemented certain increasingly protective trade measures which have been somewhat mitigated by the recent trade deal (first phase trade agreement) between the U.S. and China, which requires the purchase
      of over USD 50 billion of Chinese energy product including crude oil. Additionally, in March 2018, President Trump announced tariffs on imported steel and aluminum into the United States that could have a negative impact on international trade
      generally and in January 2019, the United States announced expanded sanctions against Venezuela, which may have an effect on its oil output and in turn affect global oil supply. There have also been continuing trade tensions, including significant
      tariff increases, between the United States and China. Protectionist developments, or the perception that they may occur, may have a material adverse effect on global economic conditions, and may significantly reduce global trade. Moreover,
      increasing trade protectionism may cause an increase in (a) the cost of goods exported from regions globally, (b) the length of time required to transport goods and (c) the risks associated with exporting goods. Such increases may significantly
      affect the quantity of goods to be shipped, shipping time schedules, voyage costs and other associated costs, which could have an adverse impact on our charterers&#8217; business, operating results and financial condition and could thereby affect their
      ability to make timely charter hire payments to us and to renew and increase the number of their time charters with us. This could have a material adverse effect on our business, results of operations and financial condition.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In addition, public health threats, such as COVID-19, influenza and other highly communicable diseases or viruses, outbreaks of which have from time to time occurred in various
      parts of the world in which we operate, including China, could adversely impact our operations, the timing of completion of any outstanding or future newbuilding projects, as well as the operations of our customers.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Prospective investors should consider the potential impact, uncertainty and risk associated with the development in the wider global economy. Further economic downturn in any of
      these countries could have a material effect on our future performance, results of operations, cash flows and financial position.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Outbreaks of epidemic and pandemic diseases and governmental responses thereto could adversely affect our business.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Public health threats, such as the COVID-19 outbreak (as described more fully below), influenza and other highly communicable diseases or viruses, outbreaks of which have from
      time to time occurred in various parts of the world in which we operate, including China, could adversely impact our operations, the timing of completion of any outstanding or future newbuilding projects, as well as the operations of our customers.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The recent outbreak of COVID-19, a virus causing potentially deadly respiratory tract infections first identified in China and subsequently spreading around the world, has
      negatively affected economic conditions, the supply chain and the labor market regionally as well as globally and may otherwise impact our operations and the operations of our customers and suppliers. As of March 2020, the outbreak of COVID-19 has
      been declared a pandemic by the World Health Organization (&#8220;WHO&#8221;). Governments in affected countries are imposing travel bans, quarantines and other emergency public health measures. As of March 15, 2020, the United States has temporarily restricted
      travel by foreign nationals into the country from a number of areas, including China and Europe. In addition, on March 18, 2020, the U.S. and Canada agreed to restrict all nonessential travel across the border. Companies are also taking precautions,
      such as requiring employees to work remotely, imposing travel restrictions and temporarily closing businesses. These restrictions, and future prevention and mitigation measures, are likely to have an adverse impact on global economic conditions,
      which could materially and adversely affect our future operations. Uncertainties regarding the economic impact of the COVID-19 outbreak are likely to result in sustained market turmoil, which could also negatively impact our business, financial
      condition and cash flows. These measures, though temporary in nature, may continue and increase as countries attempt to contain the outbreak. As a result of these measures, our vessels may not be able to call on ports, or may be restricted from
      disembarking from ports, located in regions affected by COVID-19. In addition we may experience severe operational disruptions and delays, unavailability of normal port infrastructure and services including limited access to equipment, critical goods
      and personnel, disruptions to crew change, quarantine of ships and/or crew, counterparty solidity, closure of ports and custom offices, as well as disruptions in the supply chain and industrial production which may lead to reduced cargo demand,
      amongst other potential consequences attendant to epidemic and pandemic diseases.&#160; The extent of the COVID-19 outbreak&#8217;s effect on our operational and financial performance will depend on future developments, including the duration, spread and
      intensity of the outbreak, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. As a result, we cannot predict the impact it may have on our future operations, which could be material and adverse,
      particularly if the pandemic continues to evolve into a severe worldwide health crisis.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In addition, public health threats such as COVID-19, in any area, including areas where we do not operate, could disrupt international transportation. Our crews generally work on
      a rotation basis, with a substantial portion relying on international air transport for rotation. Any such disruptions could impact the cost of rotating our crews, and possibly impact our ability to maintain a full crew on all vessels at any given
      time. Any of these public health threats and related consequences could adversely affect our financial results.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">The U.K.&#8217;s withdrawal from the European Union may have a negative effect on global economic conditions, financial markets and our business.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In June 2016, a majority of voters in the U.K. elected to withdraw from the EU in a national referendum (informally known as &#8220;Brexit&#8221;), a process that the government of the U.K.
      formally initiated in March 2017. Since then, the U.K. and the EU have been negotiating the terms of a withdrawal agreement, which was approved in October 2019 and ratified in January 2020. The U.K. formally exited the EU on January 31, 2020,
      although a transition period remains in place until December 2020, during which the U.K. will be subject to the rules and regulations of the EU while continuing to negotiate the parties&#8217; relationship going forward, including trade deals. There is
      currently no agreement in place regarding the aftermath of the withdrawal, creating significant uncertainty about the future relationship between the U.K. and the EU, including with respect to the laws and regulations that will apply as the U.K.
      determines which EU-derived laws to replace or replicate following the withdrawal. Brexit has also given rise to calls for the governments of other EU member states to consider withdrawal. These developments and uncertainties, or the perception that
      any of them may occur, have had and may continue to have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global market liquidity and restrict the ability of key
      market participants to operate in certain financial markets. Any of these factors could depress economic activity and restrict our access to capital, which could have a material adverse effect on our business and on our consolidated financial
      position, results of operations and our ability to pay distributions. Additionally, Brexit or similar events in other jurisdictions, could impact global markets, including foreign exchange and securities markets; any resulting changes in currency
      exchange rates, tariffs, treaties and other regulatory matters could in turn adversely impact our business and operations.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Brexit contributes to considerable uncertainty concerning the current and future economic environment. Brexit could adversely affect European or worldwide political, regulatory,
      economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financial markets.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">The current state of the global financial markets and current economic conditions may adversely impact our results of operation, financial condition, cash flows and ability to
      obtain financing or refinance our existing and future credit facilities on acceptable terms, which may negatively impact our business.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Global financial markets and economic conditions have been, and continue to be, volatile. Beginning in February 2020, due in part to fears associated with the spread of COVID-19
      (as more fully described above), global financial markets and starting in late February, financial markets in the U.S. experienced even greater relative volatility and a steep and abrupt downturn, which volatility and downturn may continue as
      COVID-19 continues to spread. Credit markets and the debt and equity capital markets have been distressed and the uncertainty surrounding the future of the global credit markets has resulted in reduced access to credit worldwide, particularly for the
      shipping industry. These issues, along with significant write-offs in the financial services sector, the re-pricing of credit risk and the current weak economic conditions, have made, and will likely continue to make, it difficult to obtain
      additional financing. The current state of global financial markets and current economic conditions might adversely impact our ability to issue additional equity at prices that will not be dilutive to our existing shareholders or preclude us from
      issuing equity at all. Economic conditions and the economic slow-down resulting from COVID-19 and the intentional governmental responses to the virus may also adversely affect the market price of our common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Also, as a result of concerns about the stability of financial markets generally, and the solvency of counterparties specifically, the availability and cost of obtaining money
      from the public and private equity and debt markets has become more difficult. Many lenders have increased interest rates, enacted tighter lending standards, refused to refinance existing debt at all or on terms similar to current debt, and reduced,
      and in some cases ceased, to provide funding to borrowers and other market participants, including equity and debt investors, and some have been unwilling to invest on attractive terms or even at all. Due to these factors, we cannot be certain that
      financing will be available if needed and to the extent required, or that we will be able to refinance our existing and future credit facilities, on acceptable terms or at all. If financing or refinancing is not available when needed, or is available
      only on unfavorable terms, we may be unable to meet our obligations as they come due or we may be unable to enhance our existing business, complete additional vessel acquisitions or otherwise take advantage of business opportunities as they arise.
      The recent COVID-19 outbreak has negatively impacted, and may continue to negatively impact, global economic activity, demand for energy, and funds flows and sentiment in the global financial markets. Continued economic disruption caused by the
      continued failure to control the spread of the virus could significantly impact our ability to obtain additional debt financing.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could adversely affect our business and results of
      operations. Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The efficient operation of our business, including processing, transmitting and storing electronic and financial information, is dependent on computer hardware and software
      systems.&#160; Information systems are vulnerable to security breaches by computer hackers and cyber terrorists.&#160; We rely on industry accepted security measures and technology to securely maintain confidential and proprietary information maintained on our
      information systems.&#160; However, these measures and technology may not adequately prevent security breaches.&#160; In addition, the unavailability of the information systems or the failure of these systems to perform as anticipated for any reason could
      disrupt our business and could result in decreased performance and increased operating costs, causing our business and results of operations to suffer.&#160; Any significant interruption or failure of our information systems or any significant breach of
      security could adversely affect our business and results of operations.</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Changes in the price of fuel may adversely affect our profits.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Fuel, including bunkers, is a significant, if not the largest, expense in our shipping operations, and changes in the price of fuel may adversely affect our profitability.&#160; The
      price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical developments, supply and demand for oil and gas, actions by OPEC and other oil and gas producers, war and unrest in oil producing
      countries and regions, regional production patterns and environmental concerns. Further, fuel may become much more expensive in the future, including as a result of the implementation of low sulfur fuel requirements by the International Maritime
      Organization, or IMO, that took effect January 1, 2020, which may reduce our profitability and have a material adverse effect on our future performance, results of operations, cash flows and financial position. Fuel may become much more expensive in
      the future, which may reduce the profitability and competitiveness of our business versus other forms of transportation, such as truck or rail.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">We are subject to laws and regulations which can adversely affect our business, results of operations, cash flows and financial condition, and our ability to pay dividends.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our operations are subject to numerous laws and regulations in the form of international conventions and treaties, national, state and local laws and national and international
      regulations in force in the jurisdictions in which our vessels operate or are registered, which can significantly affect the ownership and operation of our vessels. These requirements include, but are not limited to, the United States (U.S.) Oil
      Pollution Act of 1990 (OPA), the Comprehensive Environmental Response, Compensation, and Liability Act (generally referred to as CERCLA), the U.S. Clean Water Act (CWA), the U.S. Clean Air Act (CAA), the U.S. Outer Continental Shelf Lands Act,
      European Union (EU) Regulations, the International Maritime Organization, or IMO, International Convention on Civil Liability for Oil Pollution Damage of 1969 (as from time to time amended and generally referred to as CLC), the IMO International
      Convention for the Prevention of Pollution from Ships of 1973 (as from time to time amended and generally referred to as MARPOL, including the designation of emission control areas (ECAs) thereunder), the IMO International Convention for the Safety
      of Life at Sea of 1974 (as from time to time amended and generally referred to as SOLAS), the IMO International Convention on Load Lines of 1966 (as from time to time amended), the International Convention on Civil Liability for Bunker Oil Pollution
      Damage (generally referred to as the Bunker Convention), the IMO&#8217;s International Management Code for the Safe Operation of Ships and for Pollution Prevention (generally referred to as the ISM Code), the International Convention for the Control and
      Management of Ships&#8217; Ballast Water and Sediments Discharge (generally referred to as the BWM Convention), International Ship and Port Facility Security Code (ISPS), and the U.S. Maritime Transportation Security Act of 2002 (generally referred to as
      the MTSA). Compliance with such laws, regulations and standards, where applicable, may require installation of costly equipment or operational changes and may affect the resale value or useful lives of our vessels. We may also incur additional costs
      in order to comply with other existing and future regulatory obligations, including, but not limited to, costs relating to air emissions, including greenhouse gases, the management of ballast waters, maintenance and inspection, development and
      implementation of emergency procedures and insurance coverage or other financial assurance of our ability to address pollution incidents. These costs could have a material adverse effect on our business, results of operations, cash flows and
      financial condition and our ability to pay dividends. A failure to comply with applicable laws and regulations may result in administrative and civil penalties, criminal sanctions or the suspension or termination of our operations. Environmental laws
      often impose strict liability for remediation of spills and releases of oil and hazardous substances, which could subject us to liability without regard to whether we were negligent or at fault. Under OPA, for example, owners, operators and bareboat
      charterers are jointly and severally strictly liable for the discharge of oil within the 200-nautical mile exclusive economic zone around the U.S. (unless the spill results solely from the act or omission of a third party, an act of God or an act of
      war). An oil spill could result in significant liability, including fines, penalties, criminal liability and remediation costs for natural resource damages under other international and U.S. federal, state and local laws, as well as third-party
      damages, including punitive damages, and could harm our reputation with current or potential charterers of our tankers. We are required to satisfy insurance and financial responsibility requirements for potential oil (including marine fuel) spills
      and other pollution incidents. Although we have arranged insurance to cover certain environmental risks, and risk of environmental damages and impacts there can be no assurance that such insurance will be sufficient to cover all such risks or that
      any claims will not have a material adverse effect on our business, results of operations, cash flows and financial condition, and our ability to pay dividends.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Furthermore, the explosion of the Deepwater Horizon and the subsequent release of oil into the Gulf of Mexico, or other similar incidents in the future, may result in further
      regulation of the tanker industry, and modifications to statutory liability schemes, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. For example, the U.S. Bureau of Safety and
      Environmental Enforcement&#8217;s (&#8220;BSEE&#8221;) revised Production Safety Systems Rule (&#8220;PSSR&#8221;), effective December 27, 2018, modified and relaxed certain environmental and safety protections under the 2016 PSSR.&#160; Additionally, the BSEE released proposed
      changes to the Well Control Rule, which could roll back certain reforms regarding the safety of drilling operations, and the U.S. President proposed leasing new sections of U.S. waters to oil and gas companies for offshore drilling, expanding the
      U.S. waters that are available for such activity over the next five years.&#160; The effects of these proposals are currently unknown. Compliance with any new requirements of OPA and future legislation or regulations applicable to the operation of our
      vessels could impact the cost of our operations and adversely affect our business.&#160; Additional legislation, regulations, or other requirements applicable to the operation of our vessels that may be implemented in the future could adversely affect our
      business.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">It should be noted that the U.S. is currently experiencing changes in its environmental policy, the results of which have yet to be fully determined.&#160; For example, in April 2017,
      the U.S. President signed an executive order regarding environmental regulations, specifically targeting the U.S. offshore energy strategy, which may affect parts of the maritime industry and our operations.&#160; Furthermore, recent action by the IMO&#8217;s
      Maritime Safety Committee and United States agencies indicate that cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats. For example, cyber-risk
      management systems must be incorporated by ship-owners and managers by 2021. This might cause companies to cultivate additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. However, the
      impact of such regulations is hard to predict at this time.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Regulations relating to ballast water discharge may adversely affect our revenues and profitability.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The IMO has imposed updated guidelines for ballast water management systems specifying the maximum amount of viable organisms allowed to be discharged from a vessel&#8217;s ballast
      water.&#160; Depending on the date of the IOPP renewal survey, existing vessels constructed before September 8, 2017 must comply with the updated D-2 standard on or after September 8, 2019.&#160; For most vessels, compliance with the D-2 standard will involve
      installing on-board systems to treat ballast water and eliminate unwanted organisms.&#160; Ships constructed on or after September 8, 2017 are to comply with the D-2 standards on or after September 8, 2017.&#160; We currently have 17 vessels that do not comply
      with the updated guideline and costs of compliance may be substantial and adversely affect our revenues and profitability.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Furthermore, United States regulations are currently changing.&#160; Although the 2013 Vessel General Permit (&#8220;VGP&#8221;) program and&#160;U.S. National Invasive Species Act (&#8220;NISA&#8221;) are
      currently in effect to regulate ballast discharge, exchange and installation, the Vessel Incidental Discharge Act (&#8220;VIDA&#8221;), which was signed into law on December 4, 2018, requires that the EPA develop national standards of performance for
      approximately 30 discharges, similar to those found in the VGP within two years.&#160; By approximately 2022, the U.S. Coast Guard must develop corresponding implementation, compliance and enforcement regulations regarding ballast water. &#160;The new
      regulations could require the installation of new equipment, which may cause us to incur substantial costs.&#160;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our Environmental, Social and Governance (&#8220;ESG&#8221;) policies may
      impose additional costs on us or expose us to additional risks.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Companies across all industries are facing increasing scrutiny relating to their ESG policies. Investor advocacy groups, certain institutional investors, investment funds,
      lenders and other market participants are increasingly focused on ESG practices and in recent years have placed increasing importance on the implications and social cost of their investments. The increased focus and activism related to ESG and
      similar matters may hinder access to capital, as investors and lenders may decide to reallocate capital or to not commit capital as a result of their assessment of a company&#8217;s ESG practices. Companies which do not adapt to or comply with investor,
      lender or other industry shareholder expectations and standards, which are evolving, or which are perceived to have not responded appropriately to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so, may
      suffer from reputational damage and the business, financial condition, and/or stock price of such a company could be materially and adversely affected.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We may face increasing pressures from investors, lenders and other market participants, who are increasingly focused on climate change, to prioritize sustainable energy
      practices, reduce our carbon footprint and promote sustainability. As a result, we may be required to implement more stringent ESG procedures or standards so that our existing and future investors and lenders remain invested in us and make further
      investments in us. If we do not meet these standards, our business and/or our ability to access capital could be harmed.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Additionally, certain investors and lenders may exclude shipping companies, such as us, from their investing portfolios altogether due to&#160;environmental, social&#160;and governance
      factors.&#160; These limitations in both the debt and equity capital markets may affect our ability to grow as our plans for growth may include accessing the equity and debt capital markets.&#160; If those markets are unavailable, or if we are unable to access
      alternative means of financing on acceptable terms, or at all, we may be unable to implement our business strategy, which would have a material adverse effect on our financial condition and results of operations and impair our ability to service our
      indebtedness. Further, it is likely that we will incur additional costs and require additional resources to monitor, report and comply with wide ranging ESG requirements.&#160; The occurrence of any of the foregoing could have a material adverse effect on
      our business and financial condition.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Climate change and greenhouse gas restrictions may adversely impact our operations and markets.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Due to concern over the risk of climate change, a number of countries and the IMO have adopted regulatory frameworks to reduce greenhouse gas emissions. These regulatory measures
      may include, among others, adoption of cap and trade regimes, carbon taxes, increased efficiency standards, and incentives or mandates for renewable energy. In addition, although the emissions of greenhouse gases from international shipping currently
      are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which required adopting countries to implement national programs to reduce emissions of certain gases, or the Paris Agreement (discussed further
      below), a new treaty may be adopted in the future that includes restrictions on shipping emissions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Adverse effects upon the oil and gas industry relating to climate change, including growing public concern about the environmental impact of climate change, may also adversely
      affect demand for our services. For example, increased regulation of greenhouse gases or other concerns relating to climate change may reduce the demand for oil and gas in the future or create greater incentives for use of alternative energy sources.
      Any long-term material adverse effect on the oil and gas industry could have a significant financial and operational adverse impact on our business that we cannot predict with certainty at this time.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">The IMO 2020 regulations may cause us to incur substantial costs and to procure low-sulfur fuel oil directly on the wholesale market for storage at sea and onward consumption on
      our vessels.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Effective January 1, 2020, the IMO implemented a new regulation for a 0.50% global sulfur cap on emissions from vessels.&#160; Under this new global cap, vessels must use marine fuels
      with a sulfur content of no more than 0.50% against the former regulations specifying a maximum of 3.50% sulfur in an effort to reduce the emission of sulfur oxide into the atmosphere.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We may incur costs to comply with these revised standards. Additional or new conventions, laws and regulations may be adopted that could require, among others, the installation
      of expensive emission control systems and could adversely affect our business, results of operations, cash flows and financial condition.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All of our vessels have transitioned to burning IMO compliant fuels.&#160; We expect that our fuel costs will increase in 2020 and subsequently the value of our fuel inventories will
      increase as a result of these sulfur emission regulations.&#160; Low sulfur fuel of 0.50% sulfur content or lower, is presently more expensive than the non-compliant Heavy Fuel Oil containing 3.5% sulfur. Since IMO regulations came into force January 1,
      2020, the availability of low sulfur fuel has been sufficient. Compliant fuel may become difficult to obtain and more expensive as a result of increased demand or short supply.&#160;</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Fuel is a significant, if not the largest, expense in our shipping operations when vessels are under voyage charter and is an important factor in negotiating charter rates.&#160; Our
      operations and the performance of our vessels, and as a result our results of operations, cash flows and financial position, may be negatively affected to the extent that compliant sulfur fuel oils are unavailable, of low or inconsistent quality, if
      de-bunkering facilities are unavailable to permit our vessels to accept compliant fuels when required, or upon occurrence of any of the other foregoing events. Costs of compliance with these and other related regulatory changes may be significant and
      may have a material adverse effect on our future performance, results of operations, cash flows and financial position.&#160; As a result, an increase in the price of fuel beyond our expectations may adversely affect our profitability at the time of
      charter negotiation.&#160; Further, fuel may become much more expensive in the future, which may reduce the profitability and competitiveness of our business versus other forms of transportation, such as truck or rail.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">While we carry cargo insurance to protect us against certain risks of loss of or damage to the procured commodities, we may not be adequately insured to cover any losses from
      such operational risks, which could have a material adverse effect on us. Any significant uninsured or under-insured loss or liability could have a material adverse effect on our business, results of operations, cash flows and financial condition and
      our available cash.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">If we fail to comply with international safety regulations, we may be subject to increased liability, which may adversely affect our insurance coverage and may result in a denial
      of access to, or detention in, certain ports.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The SOLAS Convention was amended to address the safe manning of vessels and emergency training drills.&#160; The Convention of Limitation of Liability for Maritime Claims (the &#8220;LLMC&#8221;)
      sets limitations of liability for a loss of life or personal injury claim or a property claim against ship owners. We believe that all of our vessels are in substantial compliance with SOLAS and LLMC Convention standards.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the &#8220;ISM Code&#8221;), our
      operations are also subject to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption of a safety
      and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system that we and our technical management
      team have developed for compliance with the ISM Code. The failure of a vessel owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected vessels
      and may result in a denial of access to, or detention in, certain ports.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel&#8217;s management
      with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by each flag state, under the ISM Code. We have obtained
      applicable documents of compliance for our offices and safety management certificates for all of our vessels for which the certificates are required by the IMO. The document of compliance and safety management certificate are renewed as required.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Regulation II-1/3-10 of the SOLAS Convention governs ship construction and stipulates that ships over 150 meters in length must have adequate strength, integrity and stability to
      minimize risk of loss or pollution. Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force in 2012, with July 1, 2016 set for application to new oil tankers and bulk carriers.&#160;&#160; The SOLAS Convention regulation II-1/3-10 on
      goal-based ship construction standards for bulk carriers and oil tankers, which entered into force on January 1, 2012, requires that all oil tankers and bulk carriers of 150 meters in length and above, for which the building contract is placed on or
      after July 1, 2016, satisfy applicable structural requirements conforming to the functional requirements of the International Goal-based Ship Construction Standards for Bulk Carriers and Oil Tankers (GBS Standards).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Amendments to the SOLAS Convention Chapter VII apply to vessels transporting dangerous goods and require those vessels be in compliance with the International Maritime Dangerous
      Goods Code (&#8220;IMDG Code&#8221;). Effective January 1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive material, reflecting the latest provisions from the International Atomic Energy Agency, (2) new marking, packing and
      classification requirements for dangerous goods, and (3) new mandatory training requirements.</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The IMO has also adopted the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (&#8220;STCW&#8221;).&#160; As of February 2017, all seafarers are
      required to meet the STCW standards and be in possession of a valid STCW certificate.&#160; Flag states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW requirements into their class
      rules, to undertake surveys to confirm compliance.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Developments in safety and environmental requirements relating to the recycling of vessels may result in escalated and unexpected costs.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The 2009 Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, or the Hong Kong Convention, aims to ensure ships, being recycled once they
      reach the end of their operational lives, do not pose any unnecessary risks to the environment, human health and safety. The Hong Kong Convention has yet to be ratified by the required number of countries to enter into force. Upon the Hong Kong
      Convention&#8217;s entry into force, each ship sent for recycling will have to carry an inventory of its hazardous materials. The hazardous materials, whose use or installation are prohibited in certain circumstances, are listed in an appendix to the Hong
      Kong Convention. Ships will be required to have surveys to verify their inventory of hazardous materials initially, throughout their lives and prior to the ship being recycled. The Hong Kong Convention, which is currently open for accession by IMO
      Member States, will enter into force 24 months after the date on which 15 IMO Member States, representing at least 40% of world merchant shipping by gross tonnage, have ratified or approved accession. As of the date of this annual report, 15
      countries representing just over 30% of world merchant shipping tonnage have ratified or approved accession of the Hong Kong Convention.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Hong Kong Convention, which is currently open for accession by IMO Member States, will enter into force 24 months after the date on which 15 IMO Member States, representing
      at least 40% of world merchant shipping by gross tonnage, have ratified or approve accession. As of the date of this annual report, 15 countries representing just over 30% of world merchant shipping tonnage have ratified or approved accession of the
      Hong Kong Convention.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On November 20, 2013, the European Parliament and the Council of the EU adopted the Ship Recycling Regulation, which retains the requirements of the Hong Kong Convention and
      requires that certain commercial seagoing vessels flying the flag of an EU Member State may be recycled only in facilities included on the European list of permitted ship recycling facilities. We are required to comply with EU Ship Recycling
      Regulation by December 31, 2020, since our ships trade in EU region.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">These regulatory developments, when implemented, may lead to cost escalation by shipyards, repair yards and recycling yards. This may then result in a decrease in the residual
      scrap value of a vessel, and a vessel could potentially not cover the cost to comply with latest requirements, which may have an adverse effect on our future performance, results of operations, cash flows and financial position.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">The value of our vessels may fluctuate and any decrease in the value of our vessels could result in a lower price of our common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Tanker values have generally experienced high volatility. The market value of our oil tankers can fluctuate, depending on general economic and market conditions affecting the
      tanker industry. The volatility in global financial markets may result in a decrease in tanker values. In addition, as vessels grow older, they generally decline in value. These factors will affect the value of our vessels. Declining tanker values
      could affect our ability to raise cash by limiting our ability to refinance our vessels, thereby adversely impacting our liquidity, or result in a breach of our loan covenants, which could result in defaults under our Credit Facility. Due to the
      cyclical nature of the tanker market, if for any reason we sell vessels at a time when tanker prices have fallen, the sale may be at less than the vessel&#8217;s carrying amount on our financial statements, with the result that we would also incur a loss
      and a reduction in earnings. Any such reduction could result in a lower price of our common shares.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Technological innovation and quality and efficiency requirements from our customers could reduce our charter hire income and the value of our vessels.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our customers, in particular those in the oil industry, have a high and increasing focus on quality and compliance standards with their suppliers across the entire supply chain,
      including the shipping and transportation segment. Our continued compliance with these standards and quality requirements is vital for our operations. The charter hire rates and the value and operational life of a vessel are determined by a number of
      factors including the vessel&#8217;s efficiency, operational flexibility and physical life. Efficiency includes speed, fuel economy and the ability to load and discharge cargo quickly. Flexibility includes the ability to enter harbors, operate in extreme
      climates, utilize related docking facilities and pass through canals and straits. The length of a vessel&#8217;s physical life is related to its original design and construction, its maintenance and the impact of the stress of operations. If new tankers
      are built that are more efficient or more flexible or have longer physical lives than our vessels, competition from these more technologically advanced vessels could adversely affect the amount of charter hire payments we receive for our vessels once
      their initial charters expire and the resale value of our vessels could significantly decrease. This could have an adverse effect on our results of operations, cash flows, financial condition and ability to pay dividends.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">We operate our vessels worldwide and as a result, our vessels are exposed to international risks which may reduce revenue or increase expenses.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The international shipping industry is an inherently risky business involving global operations. Our vessels are at a risk of damage or loss because of events such as mechanical
      failure, collision, human error, war, terrorism, piracy, cargo loss and bad weather. In addition, changing economic, regulatory and political conditions in some countries, including political and military conflicts, have from time to time resulted in
      attacks on vessels, mining of waterways, piracy, terrorism, labor strikes and boycotts. These sorts of events could interfere with shipping routes and result in market disruptions which may reduce our revenue or increase our expenses.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">International shipping is subject to various security and customs inspections and related procedures in countries of origin and destination and trans-shipment points.&#160; Inspection
      procedures can result in the seizure of the cargo and/or our vessels, delays in loading, offloading or delivery, and the levying of customs duties, fines or other penalties against us. It is possible that changes to inspection procedures could impose
      additional financial and legal obligations on us. Furthermore, changes to inspection procedures could also impose additional costs and obligations on our customers and may, in certain cases, render the shipment of certain types of cargo uneconomical
      or impractical. Any such changes or developments may have a material adverse effect on our business, results of operations, cash flows, financial condition and available cash.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We expect that our vessels will call in ports where smugglers attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members. To the extent
      our vessels are found with contraband, whether inside or attached to the hull of our vessel and whether with or without the knowledge of any of our crew, we may face governmental or other regulatory claims which could have an adverse effect on our
      business, results of operations, cash flows, financial condition and ability to pay dividends.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">From time to time, our vessels call on ports located in countries or territories that are subject to restrictions, sanctions or embargoes imposed by the U.S. government, the
      European Union, the United Nations or other governments, it could lead to monetary fines or penalties and adversely affect our reputation and the market for our common stock and its trading price.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">From time to time, vessels in our fleet call on ports located in countries subject to restrictions, sanctions and embargoes imposed by the U.S. government and countries
      identified by the U.S. government as state sponsors of terrorism, such as Sudan. We have not been involved in business to and from Cuba, Syria, Iran, Crimea, or North Korea during the period January 1, 2019 through December 31, 2019. In January 2019,
      one of our vessels, on charterers&#8217; instructions, called on a port in Venezuela and transported oil cargo to India prior to OFAC&#8217;s designation of PdVSA as a Specially Designated National.&#160; We do not believe that this violated any applicable
      sanctions.&#160;Our vessels may, on charterers&#8217; instructions, call on ports in Sudan.&#160;We emphasize that neither the vessels nor the Company employs U.S. citizens and does not carry U.S.-origin cargoes in connection with the business in the port of
      Bashayer in Sudan.&#160;Seven vessels owned by the Company made eleven calls to Sudan for the year ending December 31, 2019. All of these calls involved loading of oil cargoes in the Sudanese port of Bashayer to be carried to international locations
      outside of the United States pursuant to voyage charters with non-U.S. charterers.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The U.S. sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such
      sanctions and embargo laws and regulations may be amended or strengthened over time.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Certain of our charterers or other parties that we have entered into contracts with regarding our vessels may be affiliated with persons or entities that are the subject of
      sanctions imposed by the U.S., and EU and/or other international bodies as a result of the Crimea and Russia conflict in 2014. If we determine that such sanctions require us to terminate existing contracts or if we are found to be in violation of
      such applicable sanctions, our results of operations may be adversely affected or we may suffer reputational harm.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Current or future counterparties of ours may be affiliated with persons or entities that are or may be in the future the subject of sanctions imposed by the U.S., the EU, and/or
      other international bodies. If we determine that such sanctions require us to terminate existing or future contracts to which we or our subsidiaries are party, or if we are found to be in violation of such applicable sanctions, our operations may be
      adversely affected, we may suffer reputational harm, and/or the price at which our common stock trades might be adversely affected.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Although we believe that we have been in compliance with all sanctions and embargo laws and regulations that apply to us, and intend to maintain such compliance, there can be no
      assurance that we will be in compliance in the future, particularly as the scope of certain laws may be unclear and may be subject to changing interpretations. Any such violation could result in fines, penalties or other sanctions that could severely
      impact our ability to access U.S. capital markets and conduct our business, and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us. Additionally, some investors may decide not to invest in
      our company simply because we do business with companies that do business in sanctioned countries. The determination by these investors not to invest in, or to divest from, our common stock may adversely affect the price at which our common stock
      trades. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our vessels, and those violations could in turn negatively affect our reputation. In addition, our
      reputation and the market for our securities may be adversely affected if we engage in certain other activities, such as entering into charters with individuals or entities in countries subject to U.S. sanctions and embargo laws that are not
      controlled by the governments of those countries, or engaging in operations associated with those countries pursuant to contracts with third parties that are unrelated to those countries or entities controlled by their governments. Investor
      perception of the value of our common stock may be adversely affected by the consequences of war, the effects of terrorism, civil unrest and governmental actions in these and surrounding countries.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Company Specific Risk Factors</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">We operate in a cyclical and volatile industry and cannot guarantee that we will continue to make cash distributions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We have made cash distributions quarterly since October 1997. It is possible that our revenues could be reduced as a result of decreases in charter rates or that we could incur
      other expenses or contingent liabilities that would reduce or eliminate the cash available for distribution as dividends. Our Credit Facility prohibits the declaration and payment of dividends if we are in default under the Credit Facility. For more
      information, please see &#8220;Item 5. Operating and Financial Review and Prospectus&#8212;B. Liquidity and Capital Resources&#8212;Our Borrowing Activities.&#8221; We may not continue to pay dividends at rates previously paid or at all.&#160; If we do not pay dividends, the
      market price for our common shares must appreciate for investors to realize a gain on their investment. This appreciation may not occur and our common shares may in fact depreciate in value, in part because of any future decreases in or elimination
      of our dividend payments.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">A decision of our Board of Directors and the laws of Bermuda may prevent the declaration and payment of dividends.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our ability to declare and pay dividends is subject at all times to the discretion of our board of directors, or the Board, and compliance with Bermuda law, and may be dependent,
      among other things, upon our having sufficient available distributable reserves. For more information, please see &#8220;Item 8. Financial Information&#8212;Dividend Policy.&#8221; We may not continue to pay dividends at rates previously paid or at all.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">We have antitakeover protections which could prevent a change in our control.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We have antitakeover protections which could prevent a change in our control. For example, on June 16, 2017, our Board, after the expiration of a previous shareholder rights
      agreement, adopted a new shareholders rights agreement and declared a dividend of one preferred share purchase right to purchase one one-thousandth of a Series A Participating Preferred Share of the Company for each outstanding common share, par
      value $0.01 per share. The dividend was payable on June 26, 2017 to shareholders of record on that date. Each right entitles the registered holder to purchase from us one one-thousandth of a Series A Participating Preferred Share of the Company at an
      exercise price of $30.00, subject to adjustment. We can redeem the rights at any time prior to a public announcement that a person or group has acquired ownership of 15% or more of the Company&#8217;s common shares. This shareholders rights plan was
      designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with, or a takeover of, the Company. Our shareholders rights plan is not intended to deter offers that our Board
      determines are in the best interests of our shareholders.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">If we do not identify suitable tankers for acquisition or successfully integrate any acquired tankers, we may not be able to grow or to effectively manage our growth.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">One of our principal strategies is to continue to grow by expanding our operations and adding to our fleet. Our future growth will depend upon a number of factors, some of which
      may not be within our control. These factors include our ability to:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>identify suitable tankers and/or shipping companies for acquisitions at attractive prices, which may not be possible if asset prices rise too quickly,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z471152b9e9884cb6a54169faae85b4c6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>manage relationships with customers and suppliers,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za571fcd37af040dfb35d42a65ecf9de7">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>identify businesses engaged in managing, operating or owning tankers for acquisitions or joint ventures,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf3987980edfe4faca7e32cc1497356e4">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>integrate any acquired tankers or businesses successfully with our then-existing operations,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36bbd4a6a7da495caaceb2701a92d0b1">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>hire, train and retain qualified personnel and crew to manage and operate our growing business and fleet,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb4cbfb25541f4fcd98f3b3514e71903a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>identify additional new markets,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfc1390bb76304e62b8c70c7e3b977e6c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>improve our operating, financial and accounting systems and controls, and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7ce5422c6927460a8d9806f5192775fd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>obtain required financing for our existing and new operations.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our failure to effectively identify, purchase, develop and integrate any tankers or businesses could adversely affect our business, financial condition and results of operations.
      We may incur unanticipated expenses as an operating company. It is possible that the number of employees employed by the company, or current operating and financial systems may not be adequate as we implement our plan to expand the size of our
      fleet.&#160; Finally, acquisitions may require additional equity issuances or debt issuances (with amortization payments), both of which could lower dividends per share. If we are unable to expand or execute the certain aspects of our business or events
      noted above, our financial condition and dividend rates may be adversely affected.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">If we purchase and operate secondhand vessels, we will be exposed to increased operating costs which could adversely affect our earnings and, as our fleet ages, the risks
      associated with older vessels could adversely affect our ability to obtain profitable charters.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our current business strategy includes additional growth through the acquisition of new and secondhand vessels. We took delivery of two secondhand vessels in 2014, two secondhand
      vessels in 2015, and four secondhand vessels in 2016. We may not receive the benefit of warranties from the builders for the secondhand vessels that we acquire direct from yard.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Even following a physical inspection of secondhand vessels prior to purchase, we do not have the same knowledge about their condition and cost of any required (or anticipated)
      repairs that we would have had if these vessels had been built for and operated exclusively by us. Accordingly, we may not discover defects or other problems with such vessels prior to purchase. Any such hidden defects or problems, when detected may
      be expensive to repair, and if not detected, may result in accidents or other incidents for which we may become liable to third parties. Also, when purchasing previously owned vessels, we do not receive the benefit of any builder warranties if the
      vessels we buy are older than one year.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In general, the costs to maintain a vessel in good operating condition increase with the age of the vessel. Older vessels are typically less fuel efficient than more recently
      constructed vessels due to improvements in engine technology. Governmental regulations, safety and other equipment standards related to the age of vessels may require expenditures for alterations or the addition of new equipment to some of our
      vessels and may restrict the type of activities in which these vessels may engage. We cannot assure you that, as our vessels age, market conditions will justify those expenditures or enable us to operate our vessels profitably during the remainder of
      their useful lives. As a result, regulations and standards could have a material adverse effect on our business, financial condition, results of operations, cash flows and ability to pay dividends.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">If we do not set aside funds and are unable to borrow or raise funds for vessel replacement, at the end of a vessels&#8217; useful life our revenue will decline, which would adversely
      affect our business, results of operations, financial condition and ability to pay dividends.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If we do not set aside funds and are unable to borrow or raise funds for vessel replacement, we will be unable to replace the vessels in our fleet upon the expiration of their
      remaining useful lives, which we expect to range from 1 year to 25 years, depending on the type of vessel. Our cash flows and income are dependent on the revenues earned by the chartering of our vessels. If we are unable to replace the vessels in our
      fleet upon the expiration of their useful lives, our business, results of operations, financial condition and ability to pay dividends would be adversely affected. Any funds set aside for vessel replacement will not be available for dividends.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">An increase in operating costs would decrease earnings and dividends per share.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under the charters of all of our operating vessels, we are responsible for vessel operating expenses. Our vessel operating expenses include the costs of crew, lube oil,
      provisions, deck and engine stores, insurance and maintenance and repairs, which depend on a variety of factors, many of which are beyond our control. If our vessels suffer damage, they may need to be repaired at a drydocking facility. The costs of
      drydock repairs are unpredictable and can be substantial. Increases in any of these expenses would decrease earnings and dividends per share.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">If we are unable to operate our vessels profitably, we may be unsuccessful in competing in the highly competitive international tanker market, which would negatively affect our
      financial condition and our ability to expand our business.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The operation of tanker vessels and transportation of crude and petroleum products is extremely competitive. Competition arises primarily from other tanker owners, including
      major oil companies as well as independent tanker companies, some of whom have substantially greater resources than we do. Competition for the transportation of oil and oil products can be intense and depends on price, location, size, age, condition
      and the acceptability of the tanker and its operators to the charterers. We will have to compete with other tanker owners, including major oil companies as well as independent tanker companies.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our market share may decrease in the future. We may not be able to compete profitably as we expand our business into new geographic regions or provide new services. New markets
      may require different skills, knowledge or strategies than we use in our current markets, and the competitors in those new markets may have greater financial strength and capital resources than we do.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Ineffective internal controls could impact the Company&#8217;s business and financial results.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company&#8217;s internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the
      circumvention or overriding of controls, or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If the Company fails to maintain the adequacy of
      its internal controls, including any failure to implement required new or improved controls, or if the Company experiences difficulties in their implementation, the Company&#8217;s business and financial results could be harmed and the Company could fail
      to meet its financial reporting obligations.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Risks Related to our Indebtedness</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Servicing our debt limits funds available for other purposes and if we cannot service our debt, we may lose our vessels.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Borrowing under the Credit Facility requires us to dedicate a part of our cash flow from operations to paying interest on our indebtedness. These payments limit funds available
      for working capital, capital expenditures and other purposes, including making distributions to shareholders and further equity or debt financing in the future. Amounts borrowed under the Credit Facility bear interest at variable rates. Increases in
      prevailing rates could increase the amounts that we would have to pay to our lenders, even though the outstanding principal amount remains the same, and our net income and cash flows would decrease. We expect our earnings and cash flow to vary from
      year to year due to the cyclical nature of the tanker industry. In addition, our current policy is not to accumulate cash, but rather to distribute our available cash to shareholders. If we do not generate or reserve enough cash flow from operations
      to satisfy our debt obligations, we may have to undertake alternative financing plans, such as:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z396508bde9034be1b89c415e1f5f7f53">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>seeking to raise additional capital;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6f0dd8db35f24619949b8d4cfa88e990">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>refinancing or restructuring our debt;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf94dbd46557347d9bfb8945060a43d7f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>selling tankers or other assets; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66fd69aba32848efa4ca9b3a7beb637a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>reducing or delaying capital investments.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">However, these alternative financing plans, if necessary, may not be sufficient to allow us to meet our debt obligations. If we are unable to meet our debt obligations or if some
      other default occurs under the Credit Facility, the lenders could elect to declare that debt, together with accrued interest and fees, to be immediately due and payable and proceed against the collateral securing that debt, which constitutes our
      entire fleet.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Our 2019 Senior Secured Credit Facility and our financing arrangement with Ocean Yield ASA, or Ocean Yield, contains restrictive covenants which limit our liquidity and corporate
      activities, which could negatively affect our growth, cause our financial performance to suffer and limit our ability to pay dividends.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our outstanding debt requires us or our subsidiaries to maintain the following financial covenants: value-adjusted equity, positive working capital, and a certain level of free
      cash.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Because some of these ratios are dependent on the market value of vessels, should charter rates or vessel values materially decline in the future, we may be required to take
      action to reduce our debt or to act in a manner contrary to our business objectives to meet any such financial ratios and satisfy any such financial covenants. Events beyond our control, including changes in the economic and business conditions in
      the shipping markets in which we operate, interest rate developments, changes in the funding costs of our banks, changes in vessel earnings and asset valuations and outbreaks of epidemic and pandemic of diseases, such as the recent outbreak of
      COVID-9, may affect our ability to comply with these covenants. We cannot assure you that we will meet these ratios or satisfy our financial or other covenants or that our lenders will waive any failure to do so.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">These financial and other covenants may adversely affect our ability to finance future operations or limit our ability to pursue certain business opportunities or take certain
      corporate actions. The covenants may also restrict our flexibility in planning for changes in our business and the industry and make us more vulnerable to economic downturns and adverse developments. A breach of any of the covenants in, or our
      inability to maintain the required financial ratios under the credit facilities would prevent us from borrowing additional money under our credit facilities, paying dividends to our shareholders and could result in a default under our credit
      facilities. If a default occurs under our credit facilities, the lenders could elect to declare the issued and outstanding debt, together with accrued interest and other fees, to be immediately due and payable and foreclose on the collateral securing
      that debt, which could constitute all or substantially all of our assets.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Volatility of LIBOR and potential changes of the use of LIBOR as a benchmark could affect our profitability, earnings and cash flow.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">London Interbank Offered Rate (&#8220;LIBOR&#8221;) is the subject of recent national, international and other regulatory guidance and proposals for reform. These reforms and other pressures
      may cause LIBOR to be eliminated or to perform differently than in the past. The consequences of these developments cannot be entirely predicted, but could include an increase in the cost of our variable rate indebtedness and obligations.&#160; LIBOR has
      been volatile in the past, with the spread between LIBOR and the prime lending rate widening significantly at times. Because the interest rates borne by a majority of our outstanding indebtedness fluctuates with changes in LIBOR, significant changes
      in LIBOR would have a material effect on the amount of interest payable on our debt, which in turn, could have an adverse effect on our financial condition.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Furthermore, the calculation of interest in most financing agreements in our industry has been based on published LIBOR rates. Due in part to uncertainty relating to the LIBOR
      calculation process in recent years, it is likely that LIBOR will be phased out in the future. As a result, lenders have insisted on provisions that entitle the lenders, in their discretion, to replace published LIBOR as the base for the interest
      calculation with their cost-of-funds rate. If we are required to agree to such a provision in future financing agreements, our lending costs could increase significantly, which would have an adverse effect on our profitability, earnings and cash
      flow.&#160; In addition, the banks currently reporting information used to set LIBOR will likely stop such reporting after 2021, when their commitment to reporting information ends. The Alternative Reference Rate Committee, a committee convened by the
      Federal Reserve that includes major market participants, has proposed an alternative rate to replace U.S. Dollar LIBOR: the Secured Overnight Financing Rate, or &#8220;SOFR.&#8221; The impact of such a transition from LIBOR to SOFR would be significant for us.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">We are subject to certain risks with respect to our counterparties on contracts, and failure of such counterparties to meet their obligations could cause us to suffer losses or
      negatively impact our results of operations and cash flows.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We have entered into various contracts, including charter agreements with our customers, and our Credit Facility and from time to time, we may enter into newbuilding contracts.
      Such agreements subject us to counterparty risks. The ability of each of our counterparties to perform its obligations under a contract with us will depend on a number of factors that are beyond our control and may include, among other things,
      general economic conditions, the condition of the maritime and offshore industries, the overall financial condition of the counterparty, charter rates received for specific types of vessels, work stoppages and other labor disturbances, including as a
      result of the recent outbreak of COVID-19 and various expenses. For example, the combination of a reduction of cash flow resulting from declines in world trade, a reduction in borrowing bases under reserve-based credit facilities and the lack of
      availability of debt or equity financing may result in a significant reduction in the ability of our charterers to make charter payments to us. In addition, in depressed market conditions, our charterers and customers may no longer need a vessel that
      is currently under charter or contract or may be able to obtain a comparable vessel at lower rates. As a result, charterers and customers may seek to renegotiate the terms of their existing charter parties or avoid their obligations under those
      contracts. Should a counterparty fail to honor its obligations under agreements with us, we could sustain significant losses which could have a material adverse effect on our business, financial condition, results of operations and cash flows. As a
      result, we could sustain significant losses which could have a material adverse effect on our business, financial condition, results of operations and cash flows, as well as our ability to pay dividends, if any, in the future, and comply with
      covenants in our Credit Facility.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Our insurance may not be adequate to cover our losses that may result from our operations due to the inherent operational risks of the tanker industry.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We carry insurance to protect us against most of the accident related risks involved in the conduct of our business, including marine hull and machinery insurance, protection and
      indemnity insurance, which includes pollution risks, crew insurance and war risk insurance. However, we may not be adequately insured to cover losses from our operational risks, which could have a material adverse effect on us. Additionally, our
      insurers may refuse to pay particular claims and our insurance may be voidable by the insurers if we take, or fail to take, certain action, such as failing to maintain certification of our vessels with applicable maritime regulatory organizations.
      Any significant uninsured or under-insured loss or liability could have a material adverse effect on our business, results of operations, cash flows and financial condition and our ability to pay dividends. In addition, we may not be able to obtain
      adequate insurance coverage at reasonable rates in the future during adverse insurance market. Any loss of a vessel or extended vessel off-hire, due to an accident or otherwise, could have a material adverse effect on our business, results of
      operations and financial condition and our ability to pay dividends.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">The operation of tankers involves certain unique operational risks.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The operation of tankers has unique operational risks associated with the transportation of oil.&#160; An oil spill may cause significant environmental damage, and a catastrophic
      spill could exceed the insurance coverage available. Compared to other types of vessels, tankers are exposed to a higher risk of damage and loss by fire, whether ignited by a terrorist attack, collision, or other cause, due to the high flammability
      and high volume of the oil transported in tankers.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Further, our vessels and their cargoes will be at risk of being damaged or lost because of events such as marine disasters, bad weather and other acts of God, business
      interruptions caused by mechanical failures, grounding, fire, explosions and collisions, human error, war, terrorism, piracy, diseases (such as the recent outbreak of COVID-19), quarantine and other circumstances or events. Changing economic,
      regulatory and political conditions in some countries, including political and military conflicts, have from time to time resulted in attacks on vessels, mining of waterways, piracy, terrorism, labor strikes and boycotts. These hazards may result in
      death or injury to persons, loss of revenues or property, the payment of ransoms, environmental damage, higher insurance rates, damage to our customer relationships and market disruptions, delay or rerouting.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If our vessels suffer damage, they may need to be repaired at a drydocking facility. The costs of drydock repairs are unpredictable and may be substantial. We may have to pay
      drydocking costs that our insurance does not cover at all or in full. The loss of revenues while these vessels are being repaired and repositioned, as well as the actual cost of these repairs, may adversely affect our business and financial
      condition. In addition, space at drydocking facilities is sometimes limited and not all drydocking facilities are conveniently located. We may be unable to find space at a suitable drydocking facility or our vessels may be forced to travel to a
      drydocking facility that is not conveniently located relative to our vessels&#8217; positions. The loss of earnings while these vessels are forced to wait for space or to travel to more distant drydocking facilities may adversely affect our business and
      financial condition. Further, the total loss of any of our vessels could harm our reputation as a safe and reliable vessel owner and operator.&#160; If we are unable to adequately maintain or safeguard our vessels, we may be unable to prevent any such
      damage, costs or loss which could negatively impact our business, financial condition, results of operations, cash flows and ability to pay dividends.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Because some of our expenses are incurred in foreign currencies, we are exposed to exchange rate fluctuations, which could negatively affect our results of operations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The charterers of our vessels pay us in U.S. dollars. While we mostly incur our expenses in U.S. dollars, we may incur expenses in other currencies, most notably the Norwegian
      Kroner. Declines in the value of the U.S. dollar relative to the Norwegian Kroner, or the other currencies in which we may incur expenses in the future, would increase the U.S. dollar cost of paying these expenses and thus would affect our results of
      operations.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">21</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">We may have to pay tax on United States source income, which would reduce our earnings.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under the United States Internal Revenue Code of 1986, as amended, or the Code, 50% of the gross shipping income of a vessel owning or chartering corporation, such as ourselves,
      attributable to transportation that begins or ends, but that does not both begin and end, in the United States will be characterized as U.S. source shipping income and such income is subject to a 4% United States federal income tax, without the
      benefit of deductions, unless that corporation is entitled to a special tax exemption under the Code which applies to income derived by certain non-United States corporations from the international operations of ships. We believe that we currently
      qualify for this statutory tax exemption and we have taken, and will continue to take, this position on the Company&#8217;s United States federal income tax returns. However, there are several risks that could cause us to become subject to tax on our
      United States source shipping income. Due to the factual nature of the issues involved, we can give no assurances as to our tax-exempt status for our future taxable years.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If we are not entitled to this statutory tax exemption for any taxable year, we would be subject for any such year to a 4% U.S. federal income tax on our U.S. source shipping
      income, without the benefit of deductions. The imposition of this tax could have a negative effect on our business and would result in decreased earnings available for distribution to our shareholders.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">If the United States Internal Revenue Service were to treat us as a &#8220;passive foreign investment company,&#8221; that could have adverse tax consequences for United States shareholders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A foreign corporation is treated as a &#8220;passive foreign investment company,&#8221; or PFIC, for United States federal income tax purposes, if either (1) at least 75% of its gross income
      for any taxable year consists of certain types of &#8220;passive income&#8221; or (2) at least 50% of the average value of the corporation&#8217;s assets produce or are held for the production of those types of passive income. For purposes of these tests, cash is
      treated as an asset that produces passive income, and passive income includes dividends, interest, and gains from the sale or exchange of investment property and rents and royalties other than rents and royalties which are received from unrelated
      parties in connection with the active conduct of a trade or business. Income derived from the performance of services does not constitute passive income. United States shareholders of a PFIC may be subject to a disadvantageous United States federal
      income tax regime with respect to the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We believe that we ceased to be a PFIC beginning with the 2005 taxable year. Based on our current and expected future operations, we believe that we are not currently a PFIC, nor
      do we anticipate that we will become a PFIC for any future taxable year. As a result, non-corporate United States shareholders should be eligible to treat dividends paid by us in 2006 and thereafter as &#8220;qualified dividend income&#8221; which is subject to
      preferential tax rates.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We expect to derive more than 25% of our income each year from our spot chartering or time chartering activities. We also expect that more than 50% of the value of our assets
      will be devoted to our spot chartering and time chartering. Therefore, since we believe that such income will be treated for relevant United States federal income tax purposes as services income, rather than rental income, we have taken, and will
      continue to take, the position that such income should not constitute passive income, and that the assets that we own and operate in connection with the production of that income, in particular our vessels, should not constitute assets that produce
      or are held for the production of passive income for purposes of determining whether we are a PFIC in any taxable year.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">There is, however, no direct legal authority under the PFIC rules addressing our method of operation. We believe there is substantial legal authority supporting our position
      consisting of case law and United States Internal Revenue Service, or IRS, pronouncements concerning the characterization of income derived from time charters and voyage charters as services income rather than rental income for other tax purposes.
      However, there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes.&#160; Accordingly, no assurance can be given that the IRS or a court of law will accept our position, and there
      is a risk that the IRS or a court of law could determine that we are a PFIC. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year if there were to be changes in the nature and extent of our operations.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the IRS or a court of law were to find that we are or have been a PFIC for any taxable year beginning with the 2005 taxable year, our United States shareholders who owned
      their shares during such year would face adverse United States federal income tax consequences and certain information reporting obligations. Under the PFIC rules, unless those United States shareholders made or make an election available under the
      Code (which election could itself have adverse consequences for such United States shareholders), such United States shareholders would be subject to United States federal income tax at the then highest income tax rates on ordinary income plus
      interest upon excess distributions (i.e., distributions received in a taxable year that are greater than 125% of the average annual distributions received during the shorter of the three preceding taxable years or the United States shareholder&#8217;s
      holding period for our common shares) and upon any gain from the disposition of our common shares, as if the excess distribution or gain had been recognized ratably over the United States shareholder&#8217;s holding period of our common shares. In
      addition, non-corporate United States shareholders would not be eligible to treat dividends paid by us as &#8220;qualified dividend income&#8221; if we are a PFIC in the taxable year in which such dividends are paid or in the immediately preceding taxable year.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">We may become subject to taxation in Bermuda which would negatively affect our results.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 shares. We have obtained an assurance from the Minister of Finance of Bermuda under the Exempted Undertakings Tax Protection Act 1966 that, in the event that any legislation is enacted in Bermuda imposing any tax
      computed on profits or income, or computed on any capital asset, gain or appreciation or any tax in the nature of estate duty or inheritance tax, such tax shall not, until March 31, 2035, be applicable to us or to any of our operations or to our
      shares, debentures or other obligations except insofar as such tax applies to persons ordinarily resident in Bermuda or is payable by us in respect of real property owned or leased by us in Bermuda. We cannot assure you that a future Minister would
      honor that assurance, which is not legally binding, or that after such date we would not be subject to any such tax. If we were to become subject to taxation in Bermuda, our results of operations could be adversely affected.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">As a Bermuda exempted company incorporated under Bermuda law with subsidiaries in another offshore jurisdiction, our operations may be subject to economic substance requirements.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On December 5, 2017, following an assessment of the tax policies of various countries by the Code of Conduct Group for Business Taxation of the European Union (the &#8220;COCG&#8221;), the
      Council of the European Union approved and published Council conclusions containing a list of non-cooperative jurisdictions for tax purposes (the &#8220;Conclusions&#8221;).&#160; Although at that time not considered &#8220;non-cooperative jurisdictions,&#8221; certain
      countries, including Bermuda and the Marshall Islands were listed as having &#8220;tax regimes that facilitate offshore structures which attract profits without real economic activity.&#8221; In connection with the Conclusions, and to avoid being placed on the
      list of &#8220;non-cooperative jurisdictions,&#8221; the government of Bermuda, among others, committed to addressing COCG proposals relating to economic substance for entities doing business in or through their respective jurisdictions and to pass legislation
      to implement any appropriate changes by the end of 2018.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Economic Substance Act 2018 and the Economic Substance Regulations 2018 of Bermuda (the &#8220;Economic Substance Act&#8221; and the &#8220;Economic Substance Regulations&#8221;, respectively)
      became operative on 31 December 2018.&#160; The Economic Substance Act applies to every registered entity in Bermuda that engages in a relevant activity and requires that every such entity shall maintain a substantial economic presence in Bermuda. A
      relevant activity for the purposes of the Economic Substance Act is banking business, insurance business, fund management business, financing and leasing business, headquarters business, shipping business, distribution and service centre business,
      intellectual property holding business and conducting business as a holding entity, which means acting as a pure equity holding entity.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Economic Substance Act provides that a registered entity that carries on a relevant activity complies with economic substance requirements if (a) it is directed and managed
      in Bermuda, (b) its core income-generating activities (as may be prescribed) are undertaken in Bermuda with respect to the relevant activity, (c) it maintains adequate physical presence in Bermuda, (d) it has adequate full time employees in Bermuda
      with suitable qualifications and (e) it incurs adequate operating expenditure in Bermuda in relation to the relevant activity.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">23</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A registered entity that carries on a relevant activity is obliged under the Economic Substance Act to file a declaration in the prescribed form (the &#8220;Declaration&#8221;) with the
      Registrar of Companies (the &#8220;Registrar&#8221;) on an annual basis.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Economic Substance Regulations provide that minimum economic substance requirements shall apply in relation to an entity if the entity is a pure equity holding entity which
      only holds or manages equity participations, and earns passive income from dividends, distributions, capital gains and other incidental income only. The minimum economic substance requirements include a) compliance with applicable corporate
      governance requirements set forth in the Bermuda Companies Act 1981 including keeping records of account, books and papers and financial statements and b) submission of an annual economic substance declaration form. Additionally, the Economic
      Substance Regulations provide that a pure equity holding entity complies with economic substance requirements where it also has adequate people for holding and managing equity participations, and adequate premises in Bermuda.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Certain of our subsidiaries may from time to time be organized in other jurisdictions identified by the COCG based on global standards set by the Organization for Economic
      Co-operation and Development with the objective of preventing low-tax jurisdictions from attracting profits from certain activities. These jurisdictions, including the Marshall Islands, have also enacted economic substance laws and regulations which
      we may be obligated to comply with. If we fail to comply with our obligations under the Economic Substance Act or any similar law applicable to us in any other jurisdiction, we could be subject to financial penalties and spontaneous disclosure of
      information to foreign tax officials in related jurisdictions and may be struck from the register of companies in Bermuda or such other jurisdiction. Any of these actions could have a material adverse effect on our business, financial condition and
      results of operations.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Risks Relating to Investing in Our Common Shares</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;"><font style="background-color: #FFFFFF;">Our share price may continue to be highly volatile, which could lead to a loss of all or part of a shareholder&#8217;s investment.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">The market price of our common shares has fluctuated widely since our common shares began trading in on the NYSE. Over the last few years, the stock market has experienced price and volume
      fluctuations, especially due to factors relating to the recent outbreak of COVID-19. This volatility has sometimes been unrelated to the operating performance of particular companies. During 2019, the price of our common shares experienced a high of
      $5.04 in December and a low of $1.71 in September. This market and share price volatility relating to the effects of COVID -19, as well as general economic, market or political conditions, has and could further reduce the market price of our common
      shares in spite of our operating performance and could also increase our cost of capital, which could prevent us from accessing debt and equity capital on terms acceptable to us or at all.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">The market price of our common shares is affected by a variety of factors, including:</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze83d651176fd4ebc973e47699d2f37ec">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>fluctuations in interest rates;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e2c06d43e754cdca2d665d0082d4ae9">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>fluctuations in the availability or the price of oil and chemicals;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc6086ffadd0f4eb9a675e2ddd5d6080f">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>fluctuations in foreign currency exchange rates;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z22978c8aa7204920ad72501b7e3aeed8">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>announcements by us or our competitors;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z769c4d173a564ecdab4575c0db40de94">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>changes in our relationships with customers or suppliers;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0e97edcce4fe4b2e9990008b8341e9b4">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>actual or anticipated fluctuations in our semi-annual and annual results and those of other public companies in our industry;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">24</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zef2f1bab977b45669772fb24103d5bb6">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>changes in United States or foreign tax laws;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6cbe90d8dc0e4208ae1b462c5a5eab5f">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>actual or anticipated fluctuations in our operating results from period to period;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcadf659f97c142a1b9c23f8d26989664">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>shortfalls in our operating results from levels forecast by securities analysts;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za55e48b8bd88453c95c671ab4c9d36be">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>market conditions in the shipping industry and the general state of the securities markets;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4dec6143676949ee86f9c7aafdf49759">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>business interruptions caused by the recent outbreak of COVID-19;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb85847ded4954a4d85b972a1862e5092">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>mergers and strategic alliances in the shipping industry;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z16d2108792be4f8e8f5d9d60604d9451">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>changes in government regulation;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z45ce7456493d445b84db9f8b01b0c548">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>a general or industry-specific decline in the demand for, and price of, shares of our common shares resulting from capital market conditions independent of our operating performance;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7becbc58c4c42e8a361bf72f344391c">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>the loss of any of our key management personnel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6fd34423e6e5479789d0f6856864f05f">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>our failure to successfully implement our business plan; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z771cf37a05ea43bbbf05a6f1967faa00">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>issuance of shares.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Because we are a foreign corporation, you may not have the same rights that a shareholder in a U.S. corporation may have.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We are incorporated in the Islands of Bermuda. Our memorandum of association, bye-laws and the Companies Act, 1981 of Bermuda (the &#8220;Companies Act&#8221;), govern our affairs. The
      Companies Act does not as clearly establish your rights and the fiduciary responsibilities of our directors as do statutes and judicial precedent in some U.S. jurisdictions. Therefore, you may have more difficulty in protecting your interests as a
      shareholder in the face of actions by the management, directors or controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction. There is a statutory remedy under Section 111 of the Companies Act
      which provides that a shareholder may seek redress in the courts as long as such shareholder can establish that our affairs are being conducted, or have been conducted, in a manner oppressive or prejudicial to the interests of some part of the
      shareholders, including such shareholder.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">We are incorporated in Bermuda and it may not be possible for our investors to enforce U.S. judgments against us.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We are incorporated in the Islands of Bermuda. Substantially all of our assets are located outside the U.S. In addition, most of our directors and officers are non-residents of
      the U.S., and all or a substantial portion of the assets of these non-residents are located outside the U.S. As a result, it may be difficult or impossible for U.S. investors to serve process within the U.S. upon us, or our directors and officers or
      to enforce a judgment against us for civil liabilities in U.S. courts. In addition, you should not assume that courts in the countries in which we are incorporated or where our vessels are located (1) would enforce judgments of U.S. courts obtained
      in actions against us based upon the civil liability provisions of applicable U.S. federal and state securities laws or (2) would enforce, in original actions, liabilities against us based on those laws.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z96be126cc4cc4d9db2f9e26dac7a2e30">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 4.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">INFORMATION ON THE COMPANY</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbec967c95614444bae66206d681633d7">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">A.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">History and Development of the Company</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Nordic American Tankers Limited was formed on June 12, 1995 under the name Nordic American Tanker Shipping Limited and organized under the laws of the Islands of Bermuda. In June
      2011, we changed our name to Nordic American Tankers Limited. We maintain our principal offices at LOM Building, 27 Reid Street, Hamilton HM 11, Bermuda. Our telephone number at such address is (441) 292-7202. The SEC maintains an Internet site that
      contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The address of the SEC&#8217;s internet site is www.sec.gov. None of the information contained on these websites is
      incorporated into or forms a part of this annual report.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">25</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We are an international tanker company originally formed for the purpose of acquiring and chartering three double-hull Suezmax tankers that were built in 1997. Our fleet
      currently consists of 23 vessels. During 2018, we sold ten pre-2000 built vessels and took delivery of three newbuildings. The vessels in our fleet are homogenous and interchangeable, which is a business strategy we refer to as the &#8220;Nordic American
      System&#8221;. Our common shares trade under the symbol &#8220;NAT&#8221; on the New York Stock Exchange, or the NYSE.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In January 2013, we acquired Scandic American Shipping Ltd, or Scandic, and NAT Chartering (formerly Orion Tankers Ltd), or NATC, as wholly-owned subsidiaries. Accordingly, the
      financial statements contained herein are presented on a consolidated basis for us and our subsidiaries, which we refer to as the Company or the Group.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">It is essential for us to have an operating model that is sustainable in both a weak and a strong tanker market, which we believe differentiates us from other publicly traded
      tanker companies. The Nordic American System is transparent and predictable. As a general policy, we have a conservative risk profile. Our dividend payments are important for our shareholders, and at the same time we recognize the need to expand our
      fleet when conditions are advantageous to us.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our 23 tankers are all Suezmaxes, which have a carrying capacity of one million barrels of oil, are highly versatile, and are able to be utilized on most long-haul trade routes.
      A homogenous fleet streamlines operating and administration costs, which helps keep our cash-breakeven point low.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We pay our dividends from cash on hand. As of the date of this report, we have a cash break-even level of about $17,750 per day per vessel, which we consider low in the industry.
      The cash break-even rate is the amount of average daily revenue our vessels would need to earn in order to cover our vessel operating expenses, cash general and administrative expenses, interest expense and all other cash charges.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On June 16, 2017, our Board declared a dividend of one preferred share purchase right, or a Right, for each outstanding common share and adopted a shareholder rights plan, as set
      forth in the Shareholders&#8217; Rights Agreement dated as of June 16, 2017, or the Rights Agreement, by and between the Company and Computershare Trust Company, N.A., as rights agent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In conjunction with delivery of three newbuildings from Samsung shipyard during 2018, or the 2018 Newbuildings, we entered into final agreements for the financing with Ocean
      Yield. Two of the 2018 Newbuildings were delivered in the third quarter of 2018 and the last Newbuilding was delivered to us in October 2018.&#160;Under the terms of the financing agreement, the lender has provided financing of 77.5% of the purchase price
      for each of the three 2018 Newbuildings.&#160;After delivery of each of the vessels, we entered into ten-year bareboat charter agreements.&#160; We are obligated to purchase the vessels upon the completion of the ten-year bareboat charter agreement and also
      have the option to purchase the vessels after sixty and eighty-four months.&#160; The agreements contain certain financial covenants requiring us to maintain a minimum value adjusted equity and value adjusted equity ratio; minimum liquidity; and minimum
      values.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On July 25, 2018 we declared a cash dividend of $0.02 per share for the second quarter of 2018, which was paid on September 7, 2018. On November 1, 2018 we declared a cash
      dividend of $0.01 per share with respect to the third quarter of 2018, which was paid on December 7, 2018. On March 15, 2019 we paid a dividend of $0.04 per share with respect to the fourth quarter of 2018.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">During 2018 we sold 10 vessels.&#160; The total gross sales proceeds for these sales was $97.6 million including inventories and before costs of the transactions.&#160; The sales are a
      part of our commercial strategy and represent an important modernization of the fleet, which now stands at 23 units. The NAT fleet now has an average age of about 11.7 years.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">26</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Hermitage Offshore Services Ltd., or HOS, (formerly known as Nordic American Offshore Ltd) was incorporated in 2013, and operates ten platform supply vessels, eleven crew boats
      and two anchor handling vessels. HOS is listed on the New York Stock Exchange under the ticker &#8220;PSV&#8221;. We sold 187,815 shares in HOS during the year and held 811,538 shares as of December 31, 2019, which equaled about 3.2% of the common shares
      outstanding in HOS as of December 31, 2019.&#160; The reduction in ownership is a result of non-participation in several equity offerings in HOS during 2019 together with the abovementioned sale of shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On January 29, 2019, we incorporated NAT Bermuda Holdings Ltd (&#8220;NATBH&#8221;) as a wholly-owned subsidiary of NAT. We proceeded to enter into the 2019 Senior Secured Credit Facility on
      February 12, 2019 and transferred the ownership of twenty vessels used as collateral from NAT to NATBH.</div>
    <div style="text-align: justify; text-indent: 36pt;">On February 12, 2019, we entered into a new five-year senior secured credit facility for $306.1 million, or the 2019 Senior Secured Credit Facility, that refinanced the outstanding balance on the
      Credit Facility, as defined below under Item 5.B. Liquidity and Capital Resources.&#160; Borrowings under the new facility are secured by first priority mortgages over the Company&#8217;s vessel (excluding the three Ocean Yield vessels) and assignments of
      earnings and insurance. The loan has an annual amortization equal to a twenty-year maturity profile, carries a floating LIBOR interest rate plus a margin and matures in February 2024. Further, the agreement contains a discretionary excess cash down
      payment mechanism for the lender that equals 50% of the net earnings from the collateral vessels, less capex provision and amortization. The agreement contains covenants that require us to maintain $30.0 million in unrestricted cash and a
      loan-to-vessel value ratio of maximum 70%. We are free to distribute dividends as long as we comply with the covenants of the 2019 Senior Secured Credit Facility. As of December 31, 2019, we have borrowed $291.8 million under our 2019 Senior Secured
      Credit Facility.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On March 29, 2019, we entered into an equity distribution agreement with B. Riley FBR, Inc., acting as a sales agent, under which we may, from time to time, offer and sell our common shares through
      an at-the-market, or ATM, program having an aggregate offering price of up to $40,000,000. As of December 31, 2019, we had raised gross and net proceeds (after deducting sales commissions and other fees and expenses) under the ATM of $18.6 million
      and $17.9 million, respectively, by issuing and selling 5,260,968 common shares. As of the date of this report, no further sales have been completed under the ATM program.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For more information, please see Item 5.B. Liquidity and Capital Resources with regard to the above described transactions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As of the date of this annual report, we have 147,230,634 common shares issued and outstanding.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7714033e6b9042d28e9f0e8f85c8039b">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">B.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Business Overview</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Our Fleet</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our fleet currently consists of 23 Suezmax crude oil tankers, of which the vast majority have been built in Korea. The majority of our vessels are employed in the spot market,
      together with one vessel currently on a longer term time charter agreement expiring in 2021 or later. The vessels are considered homogenous and interchangeable as they have approximately the same freight capacity and ability to transport the same
      type of cargo.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z284c7b28d86a46929f53a4a3847cdb18">

        <tr>
          <td style="width: 37.62%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
            <div style="font-weight: bold;">Vessel</div>
          </td>
          <td style="width: 36.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Built in</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td colspan="2" style="width: 10.84%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Deadweight Tons</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td colspan="2" style="width: 10.45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Delivered to NAT&#160; in</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Freedom</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2005</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">159,331</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2005</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Moon</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2002</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">160,305</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2006</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Apollo</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2003</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">159,998</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2006</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Cosmos</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2003</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">159,999</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2006</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Grace</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2002</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">149,921</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2009</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Mistral</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2002</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">164,236</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2009</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Passat</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2002</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">164,274</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2010</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Vega</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2010</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">163,940</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2010</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Breeze</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2011</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">158,597</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2011</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Zenith</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2011</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">158,645</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2011</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Sprinter</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2005</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">159,089</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2014</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Skier</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2005</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">159,089</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2014</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Light</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2010</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">158,475</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2015</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Cross</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2010</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">158,475</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2015</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Luna</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2004</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">150,037</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2016</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Castor</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2004</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">150,249</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2016</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Sirius</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2000</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">150,183</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2016</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Pollux</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2003</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">150,103</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2016</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Star</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2016</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">159,000</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2016</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Space</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2017</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">159,000</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2017</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Aquarius</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">157,000</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Cygnus</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">157,000</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.62%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Tellus</div>
          </td>
          <td style="width: 36.52%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">157,000</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.44%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">27</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Employment of Our Fleet</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">It is our policy to operate our vessels either in the spot market or on shorter-term time charters. Large international oil companies both in the Western and the Eastern parts of
      the world are important customers.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Spot Charters</font><font style="font-weight: bold;">: </font>Tankers operating in the spot market are typically chartered
      for a single voyage which may last up to several weeks. Under a voyage charter, we are responsible for paying voyage expenses and the charterer is responsible for any delay at the loading or discharging ports. When our tankers are operating on spot
      charters, the vessels are traded fully at the risk and reward of the Company. Revenues are recognized in a manner to reflect the transfer of the services to our customers over the duration of the voyage and freight is generally billed to the customer
      upon discharge of the cargo. The Company considers it appropriate to present this type of arrangement on a gross basis in the Statements of Operations. For further information concerning our accounting policies, please see Note 2 to our financial
      statements.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The tanker industry has historically been stronger in the fall and winter months in anticipation of increased oil consumption in the norther hemisphere during the winter months.
      Seasonal variations in tanker demand normally result in seasonal fluctuations in the spot market charters.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Time Charters:</font><font style="font-style: italic;">&#160;</font>Under a time charter, the charterer is responsible and pays
      for the voyage expenses, such as port, canal and fuel costs, while the shipowner is responsible and pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance,
      maintenance and repairs and costs relating to a vessel&#8217;s intermediate and special surveys.<font style="font-weight: bold;">&#160;</font>Revenue from time charter contracts are recognized daily over the term of the charter. Time charter agreements with
      profit-sharing are recognized when the contingency related to it is resolved.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Technical Management</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The technical management of our vessels is handled by companies under direct instructions from NAT. The ship management firms V.Ships Norway AS, Columbia Shipmanagement Ltd,
      Cyprus and Hellespont Ship Management GmbH &amp; Co KG, Germany, provide the technical management services. The compensation paid under the technical management agreements is in accordance with industry standards.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">The International Tanker Market</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">International seaborne oil and petroleum products transportation services are mainly provided by two types of operators: major oil company captive fleets (both private and
      state-owned) and independent shipowner fleets.&#160; Both types of operators transport oil under short-term contracts (including single-voyage &#8220;spot charters&#8221;) and long-term time charters with oil companies, oil traders, large oil consumers, petroleum
      product producers and government agencies.&#160; The oil companies own, or control through long-term time charters, approximately one third of the current world tanker capacity, while independent companies own or control the balance of the fleet.&#160; The oil
      companies use their fleets not only to transport their own oil, but also to transport oil for third-party charterers in direct competition with independent owners and operators in the tanker charter market.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">28</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The oil transportation industry has historically been subject to regulation by national authorities and through international conventions.&#160; Over recent years, however, an
      environmental protection regime has evolved which has a significant impact on the operations of participants in the industry in the form of increasingly more stringent inspection requirements, closer monitoring of pollution-related events, and
      generally higher costs and potential liabilities for the owners and operators of tankers.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In order to benefit from economies of scale, tanker charterers typically charter the largest possible vessel to transport oil or products, consistent with port and canal
      dimensional restrictions and optimal cargo lot sizes.&#160; A tanker&#8217;s carrying capacity is measured in deadweight tons, or dwt, which is the amount of crude oil measured in metric tons that the vessel is capable of loading.&#160; ULCCs and VLCCs typically
      transport crude oil in long-haul trades, such as from the Arabian Gulf to Rotterdam via the Cape of Good Hope.&#160; Suezmax tankers also engage in long-haul crude oil trades as well as in medium-haul crude oil trades, such as from the Mediterranean and
      Arabian Gulf towards the Far East, i.e. China, India and other emerging economies in Asia that absorb the shortfall from what the traditional routes, from West Africa to the East Coast of the United States, used to represent. Aframax-size vessels
      generally engage in both medium-and short-haul trades of less than 1,500 miles and carry crude oil or petroleum products.&#160; Smaller tankers mostly transport petroleum products in short-haul to medium-haul trades.</div>
    <div style="text-align: justify; font-weight: bold;">The 2019 Tanker Market (Source; Fearnleys)</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The 2019 tanker market was a stark improvement over the preceding year, with relatively normal seasonality but a third quarter which was below rates achieved in previous years and an outperforming
      fourth quarter. Suezmax earnings, basis fixture date for forward loading for modern vessels, averaged $30,600/day for the year, up 76.9% from an average $17,300/day in 2018, according to Fearnleys. The year started off with first quarter rates around
      $20,000/day before hovering around $15,000/day on average until the fourth quarter when rates saw large improvements with an average rate in excess of $70,000/day. Earnings in the highly correlated VLCC and Aframax segments averaged $39,000/day and
      $25,200/day in 2019, respectively, posting yearly gains of 94% and 59.5%, as compared to 2018, respectively, after similar developments through the year. Good demand growth and slowing delivery pace toward the end of the year were important factors
      for the increase in rates, but the major factor in the large increases according to Fearnleys was the attack on an oil installation in Saudi Arabia and 26 Cosco VLCCs being sanctioned by the United States due to violations of Iran regulations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The total crude oil and product tanker fleet above 25,000 dwt grew a net 5.7% in 2019. This was a large increase from the year before when fleet growth was only 1.4%, but more in line with the 3.9%
      and 5.3% in 2017 and 2016. Year-end slippage from 2018 and significantly lower scrapping led to this increase. The crude tanker fleet grew by 6.1%, versus the ten-year average of 3.5%, while the product tanker fleet expanded by a more modest 4.6%,
      slightly below the 4.8% ten-year average. Over the past ten years the overall crude and product tanker fleet has grown by 3.5% per year on average.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The 2019 Suezmax fleet growth of 4.1% was up from 1.9% in 2018 but still below trend for the past ten years.&#160; There were deliveries of 26 vessels while four were scrapped, taking the total fleet to
      549 vessels by year-end. The 2019 delivery schedule was front-end heavy as 19 of 26 newbuildings delivered through the year were delivered during the first quarter.&#160; Fleet growth thereby eased significantly during the remainder of the year and had a
      positive contribution to the stronger earnings development in second half of the year. The amount of modern, fuel-efficient vessels increased from 27% of the total world fleet in 2019 as compared to 22% a year earlier.&#160; Meanwhile, the highly
      corelated VLCC and Aframax crude tanker segments expanded by 8.4% and 1.8%, respectively, after 68 VLCCs and 23 Aframaxes were delivered against four VLCCs and five Aframaxes scrapped. These fleets consisted of 789 and 648 vessels, respectively, by
      the end of the year.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">While scrapping was extraordinarily high in 2018, there was relatively little in 2019 among improving earnings.&#160; During 2019, 3.3 million dwt were scrapped, a significant decline from the 18.5
      million dwt in 2018, and well below the historic average of 7.7 million dwt. As of the beginning of 2020, there were 19 vessels at or above the past 10-year average scrap age of 22 years, and 42 vessels existing above the 20 years age group.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">29</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Suezmax orderbook stood at 46 vessels of 7.2 million dwt at the beginning of 2020, or 8.3% of the fleet. The total crude oil and product tanker orderbook for vessels above
      25,000 dwt counted 47.3 million dwt, or 8.3% of the fleet. This is the lowest orderbook to existing fleet level since 1996.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Tanker demand was overall robust during 2019. Global oil demand growth was relatively slow during the first three quarters of the year, with 0.6, 0.5 and 0.8 million barrels per
      day (&#8220;mbpd&#8221;) growth year over year. In the fourth quarter, however, demand is estimated by the IEA to have reached a stronger 1.5 mbpd growth. The total for the year ended at 0.8 mbpd oil demand growth, below the long-term trend. Oil supply growth,
      on the other hand, was higher in the first half of the year. Crude oil supply is more important for tankers than demand because oil produced is largely either shipped to the end user or into storage, whereas demand can be met from both production and
      storage. The first and second quarters of 2019 showed 1.5 and 0.8 mbpd of supply growth, respectively, which came despite OPEC+ agreeing to cut production by 1.2 mbpd in December 2018. The second half of 2019 saw 0.8 mbpd decline in oil production, a
      negative for tanker demand. However, this was compared to extraordinarily strong growth in the second half of 2018 before the OPEC+ agreed to a 1.2 mbpd production cut. This means that second half of 2019 volumes were still relatively healthy,
      historically speaking, with supply of more than 101 mbpd on average.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Importantly for tankers, a relatively higher portion of oil supply in 2019 came from the Atlantic basin. Preliminary seaborne trade flow data from Fearnleys suggest overall solid
      tanker demand growth, where a slight decline in Middle East to Far East volumes was more than offset by strong growth for the Atlantic to Far East trade which from a tonne-mile perspective is highly beneficial due to long sailing distances. This
      development was seen for both the Suezmax and the highly correlated VLCC market and driven partly by strong US shale oil production growth at 1.24 mbpd, and partly by newly commissioned fields in Brazil and the North Sea. There was some West African
      Suezmax cargo growth to Europe to make up for shortages from Libya. As a bonus, there was also volume growth for Suezmaxes carrying fuel oil from the Atlantic to Asia after the run-up to the implementation of IMO 2020 led to a surplus of fuel oil
      toward the end of the year as most market participants started bunkering compliant fuels.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Relatively high fleet growth through the first half and into the third quarter of 2019 and slowing oil production growth in the second half could have made for a disappointing
      end to the year, as was the tendency in the third quarter. However, strong tanker demand growth in the first half had largely offset fleet growth, which slowed toward the end of the year. Then the drone attacks in September on oil processing
      facilities at Abqaiq and Khurais in Saudi Arabia, among other attacks on tankers in the Strait of Hormuz sparked short term fears of oil supply shortages, which contributed to a rise in freight rates. The market for rates increased again at the end
      of September when the US implemented sanctions on 26 Cosco Dalian Tankers/VLCCs for having traded with Iran, effectively further slowing fleet growth.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">The Tanker Market 2020</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Reported spot rates in the first quarter of 2020 was weaker than the fourth quarter of 2019, and the average Suezmax earnings per day decreased from $72,822 in the fourth quarter
      of 2019 to $55,001 for the first quarter of 2020 based on the indicated rates published by Clarksons. The quoted rates are an average of observations. From the time a voyage is booked and the rate is reported to the market until the vessel loads the
      cargo and commences there can be a delay of up to 30 days.&#160; As such, from an accounting perspective, a voyage booked at the end of a quarter may see the majority of its revenues being recorded in the following quarter&#8217;s results. The earnings for
      vessel operators is for this reason not necessarily expected to fluctuate in an identical manner as the indicative rates reported by Clarksons on a quarter over quarter basis. The earnings are for the abovementioned reasons in fact expected to be
      better in the first quarter of 2020 than what was reported in the fourth quarter of 2019.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The orderbook for Suezmaxes has decreased over the last twelve months, with two vessels delivered in the first quarter of 2020 and 46 on order of which 17 are expected to be
      delivered in 2020. There have been six orders of Suezmaxes so far in 2020.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Oil prices slumped to below $30 per barrel in March 2020 and OPEC talks collapsed and resulted in higher output of oil into the market. Further, the COVID-19
      virus has evolved into a global pandemic that has caused disruptions as travel bans, quarantines and other measures that have resulted in a significant drop in the end user demand for oil at the moment. The increased output from oil producers and
      lower oil prices have had a positive effect on the tanker market due to the need to transport these increased volumes combined with the need for storage capacity as the current demand and output has created a contango in the oil price, stimulating
      demand for floating storage, and the Suezmax earnings per day have increased significantly during March 2020.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">30</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Environmental and Other Regulations in the Shipping Industry</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Government regulation and laws significantly affect the ownership and operation of our fleet. We are subject to international conventions and treaties,
      national, state and local laws and regulations in force in the countries in which our vessels may operate or are registered relating to safety and health and environmental protection including the storage, handling, emission, transportation and
      discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations and other requirements entails significant expense, including vessel
      modifications and implementation of certain operating procedures.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">A variety of government and private entities subject our vessels to both scheduled and unscheduled inspections. These entities include the local port
      authorities (applicable national authorities such as the United States Coast Guard (&#8220;USCG&#8221;), harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators.
      Certain of these entities require us to obtain permits, licenses, certificates and other authorizations for the operation of our vessels. Failure to maintain necessary permits or approvals could require us to incur substantial costs or result in the
      temporary suspension of the operation of one or more of our vessels.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Increasing environmental concerns have created a demand for vessels that conform to stricter environmental standards. We are required to maintain operating
      standards for all of our vessels that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with United States and international regulations. We believe that the operation of our vessels is in
      substantial compliance with applicable environmental laws and regulations and that our vessels have all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. However, because such laws and
      regulations frequently change and may impose increasingly stricter requirements, we cannot predict the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our vessels. In
      addition, a future serious marine incident that causes significant adverse environmental impact could result in additional legislation or regulation that could negatively affect our profitability.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">International Maritime Organization</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The International Maritime Organization, the United Nations agency for maritime safety and the prevention of pollution by vessels (the &#8220;IMO&#8221;), has adopted 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 &#8220;MARPOL,&#8221; the International Convention for the Safety of Life at
      Sea of 1974 (&#8220;SOLAS Convention&#8221;), and the International Convention on Load Lines of 1966 (the &#8220;LL Convention&#8221;). MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management, sewage, air emissions, handling and
      disposal of noxious liquids and the handling of harmful substances in packaged forms.&#160; MARPOL is applicable to drybulk, tanker and LNG carriers, among other vessels, and is broken into six Annexes, each of which regulates a different source of
      pollution. Annex I relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried in bulk in liquid or in packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex VI,
      lastly, relates to air emissions. Annex VI was separately adopted by the IMO in September of 1997; new emissions standards, titled IMO-2020, took effect on January 1, 2020.</div>
    <div style="text-align: justify; text-indent: 36pt;">In 2013, the IMO&#8217;s Marine Environmental Protection Committee, or the &#8220;MEPC,&#8221; adopted a resolution amending MARPOL Annex I Condition Assessment Scheme, or &#8220;CAS.&#8221; These amendments became effective on
      October 1, 2014, and require compliance with the 2011 International Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers and Oil Tankers, or &#8220;ESP Code,&#8221; which provides for enhanced inspection programs. We may need to make
      certain financial expenditures to comply with these amendments.</div>
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    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">Air Emissions</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets limits on sulfur oxide and
      nitrogen oxide emissions from all commercial vessel exhausts and prohibits &#8220;deliberate emissions&#8221; of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks and the shipboard incineration
      of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions, as explained below.&#160; Emissions of &#8220;volatile organic
      compounds&#8221; from certain vessels, and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, or &#8220;PCBs&#8221;) are also prohibited.&#160; We believe that all our vessels are
      currently compliant in all material respects with these regulations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The Marine Environment Protection Committee, or &#8220;MEPC,&#8221; adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter
      and ozone depleting substances, which entered into force on July 1, 2010.&#160; The amended Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used
      on board ships. On October 27, 2016, at its 70th session, the MEPC agreed to implement a global 0.5% m/m sulfur oxide emissions limit (reduced from 3.50%) starting from January 1, 2020.&#160; This limitation can be met by using low-sulfur compliant fuel
      oil, alternative fuels or certain exhaust gas cleaning systems.&#160; Once the cap becomes effective, ships will be required to obtain bunker delivery notes and International Air Pollution Prevention (&#8220;IAPP&#8221;) Certificates from their flag states that
      specify sulfur content.&#160; Additionally, at MEPC 73, amendments to Annex VI to prohibit the carriage of bunkers above 0.5% sulfur on ships were adopted and will take effect March 1, 2020.&#160; These regulations subject ocean-going vessels to stringent
      emissions controls, and may cause us to incur substantial costs.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Sulfur content standards are even stricter within certain &#8220;Emission Control Areas,&#8221; or (&#8220;ECAs&#8221;). As of January 1, 2015, ships operating within an ECA were not
      permitted to use fuel with sulfur content in excess of 0.1% m/m. Amended Annex VI establishes procedures for designating new ECAs. Currently, the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea area, North
      American area and United States Caribbean area.&#160; Ocean-going vessels in these areas will be subject to stringent emission controls and may cause us to incur additional costs. Other areas in China are subject to local regulations that impose stricter
      emission controls.&#160; If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental Protection Agency (&#8220;EPA&#8221;) or
      the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Amended Annex VI also establishes new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation.
      At the MEPC meeting held from March to April 2014, amendments to Annex VI were adopted which address the date on which Tier III Nitrogen Oxide (NOx) standards in ECAs will go into effect.&#160; Under the amendments, Tier III NOx standards apply to ships
      that operate in the North American and U.S. Caribbean Sea ECAs designed for the control of NOx produced by vessels with a marine diesel engine installed and constructed on or after January 1, 2016.&#160; Tier III requirements could apply to areas that
      will be designated for Tier III NOx in the future. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen oxide for ships built on or after January 1, 2021. The EPA promulgated equivalent (and in some senses
      stricter) emissions standards in 2010.&#160; As a result of these designations or similar future designations, we may be required to incur additional operating or other costs.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">As determined at the MEPC 70, the new Regulation 22A of MARPOL Annex VI became effective as of March 1, 2018 and requires ships above 5,000 gross tonnage to
      collect and report annual data on fuel oil consumption to an IMO database, with the first year of data collection having commenced on January 1, 2019.&#160; The IMO intends to use such data as the first step in its roadmap (through 2023) for developing
      its strategy to reduce greenhouse gas emissions from ships, as discussed further below.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">As of January 1, 2013, MARPOL made mandatory certain measures relating to energy efficiency for ships. All ships are now required to develop and implement Ship
      Energy Efficiency Management Plans (&#8220;SEEMPS&#8221;), and new ships must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the Energy Efficiency Design Index (&#8220;EEDI&#8221;).&#160; Under these measures, by 2025, all new
      ships built will be 30% more energy efficient than those built in 2014.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">We may incur costs to comply with these revised standards. Additional or new conventions, laws and regulations may be adopted that could require the
      installation of expensive emission control systems and could adversely affect our business, results of operations, cash flows and financial condition.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">Safety Management System Requirements</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The SOLAS Convention was amended to address the safe manning of vessels and emergency training drills.&#160; The Convention of Limitation of Liability for Maritime
      Claims (the &#8220;LLMC&#8221;) sets limitations of liability for a loss of life or personal injury claim or a property claim against ship owners. We believe that our vessels are in substantial compliance with SOLAS and LLMC standards.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the &#8220;ISM
      Code&#8221;), our operations are also subject to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption
      of a safety and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system that we and our technical
      management team have developed for compliance with the ISM Code. The failure of a vessel owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected
      vessels and may result in a denial of access to, or detention in, certain ports.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a
      vessel&#8217;s management with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by each flag state, under the ISM Code. We
      have obtained applicable documents of compliance for our offices and safety management certificates for all of our vessels for which the certificates are required by the IMO. The documents of compliance and safety management certificates are renewed
      as required.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Regulation II-1/3-10 of the SOLAS Convention governs ship construction and stipulates that ships over 150 meters in length must have adequate strength,
      integrity and stability to minimize risk of loss or pollution. Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force in 2012, with July 1, 2016 set for application to new oil tankers and bulk carriers.&#160;&#160; The SOLAS
      Convention regulation II-1/3-10 on goal-based ship construction standards for bulk carriers and oil tankers, which entered into force on January 1, 2012, requires that all oil tankers and bulk carriers of 150 meters in length and above, for which the
      building contract is placed on or after July 1, 2016, satisfy applicable structural requirements conforming to the functional requirements of the International Goal-based Ship Construction Standards for Bulk Carriers and Oil Tankers (&#8220;GBS
      Standards&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Amendments to the SOLAS Convention Chapter VII apply to vessels transporting dangerous goods and require those vessels be in compliance with the International
      Maritime Dangerous Goods Code (&#8220;IMDG Code&#8221;). Effective January 1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive material, reflecting the latest provisions from the International Atomic Energy Agency, (2) new marking,
      packing and classification requirements for dangerous goods and (3) new mandatory training requirements.&#160; Amendments which took effect on January 1, 2020 also reflect the latest material from the UN Recommendations on the Transport of Dangerous
      Goods, including (1) new provisions regarding IMO type 9 tank, (2) new abbreviations for segregation groups, and (3) special provisions for carriage of lithium batteries and of vehicles powered by flammable liquid or gas.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The IMO has also adopted the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (&#8220;STCW&#8221;).&#160; As of February 2017, all
      seafarers are required to meet the STCW standards and be in possession of a valid STCW certificate.&#160; Flag states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW requirements into
      their class rules, to undertake surveys to confirm compliance.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Furthermore, recent action by the IMO&#8217;s Maritime Safety Committee and United States agencies indicates that cybersecurity regulations for the maritime industry
      are likely to be further developed in the near future in an attempt to combat cybersecurity threats. For example, cyber-risk management systems must be incorporated by ship-owners and managers by 2021. This might cause companies to create additional
      procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures.&#160; The impact of such regulations is hard to predict at this time.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">Pollution Control and Liability Requirements</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters of the signatories to
      such conventions. For example, the IMO adopted an International Convention for the Control and Management of Ships&#8217; Ballast Water and Sediments (the &#8220;BWM Convention&#8221;) in 2004. The BWM Convention entered into force on September 8, 2017.&#160; The BWM
      Convention requires ships to manage their ballast water to remove, render harmless or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water and sediments.&#160; The BWM Convention&#8217;s implementing regulations
      call for a phased introduction of mandatory ballast water exchange requirements, to be replaced in time with mandatory concentration limits, and require all ships to carry a ballast water record book and an international ballast water management
      certificate.&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">On December 4, 2013, the IMO Assembly passed a resolution revising the application dates of the BWM Convention so that the dates are triggered by the entry into
      force date and not the dates originally in the BWM Convention.&#160; This, in effect, makes all vessels delivered before the entry into force date &#8220;existing vessels&#8221; and allows for the installation of ballast water management systems on such vessels at
      the first International Oil Pollution Prevention (&#8220;IOPP&#8221;) renewal survey following entry into force of the convention. The MEPC adopted updated guidelines for approval of ballast water management systems (G8) at MEPC 70. At MEPC 71, the schedule
      regarding the BWM Convention&#8217;s implementation dates was also discussed and amendments were introduced to extend the date existing vessels are subject to certain ballast water standards.&#160; Those changes were adopted at MEPC 72.&#160; Ships over 400 gross
      tons generally must comply with a &#8220;D-1 standard,&#8221; requiring the exchange of ballast water only in open seas and away from coastal waters.&#160; The &#8220;D-2 standard&#8221; specifies the maximum amount of viable organisms allowed to be discharged, and compliance
      dates vary depending on the IOPP renewal dates. Depending on the date of the IOPP renewal survey, existing vessels must comply with the D-2 standard on or after September 8, 2019. For most ships, compliance with the D-2 standard will involve
      installing on-board systems to treat ballast water and eliminate unwanted organisms.&#160; Ballast water management systems, which include systems that make use of chemical, biocides, organisms or biological mechanisms, or which alter the chemical or
      physical characteristics of the ballast water, must be approved in accordance with IMO Guidelines (Regulation D-3).&#160; As of October 13, 2019, MEPC 72&#8217;s amendments to the BWM Convention took effect, making the Code for Approval of Ballast Water
      Management Systems, which governs assessment of ballast water management systems, mandatory rather than permissive, and formalized an implementation schedule for the D-2 standard.&#160; Under these amendments, all ships must meet the D-2 standard by
      September 8, 2024. Costs of compliance with these regulations may be substantial.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Once mid-ocean ballast exchange or ballast water treatment requirements become mandatory under the BWM Convention, the cost of compliance could increase for
      ocean carriers and may have a material effect on our operations. However, many countries already regulate the discharge of ballast water carried by vessels from country to country to prevent the introduction of invasive and harmful species via such
      discharges. The U.S., for example, requires vessels entering its waters from another country to conduct mid-ocean ballast exchange, or undertake some alternate measure, and to comply with certain reporting requirements.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The IMO adopted the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocols in 1976, 1984 and 1992, and
      amended in 2000 (&#8220;the CLC&#8221;).&#160; Under the CLC and depending on whether the country in which the damage results is a party to the 1992 Protocol to the CLC, a vessel&#8217;s registered owner may be strictly liable for pollution damage caused in the territorial
      waters of a contracting state by discharge of persistent oil, subject to certain exceptions.&#160; The 1992 Protocol changed certain limits on liability expressed using the International Monetary Fund currency unit, the Special Drawing Rights.&#160; The limits
      on liability have since been amended so that the compensation limits on liability were raised.&#160; The right to limit liability is forfeited under the CLC where the spill is caused by the shipowner&#8217;s actual fault and under the 1992 Protocol where the
      spill is caused by the shipowner&#8217;s intentional or reckless act or omission where the shipowner knew pollution damage would probably result.&#160; The CLC requires ships over 2,000 tons covered by it to maintain insurance covering the liability of the
      owner in a sum equivalent to an owner&#8217;s liability for a single incident.&#160; We have protection and indemnity insurance for environmental incidents. P&amp;I Clubs in the International Group issue the required Bunkers Convention &#8220;Blue Cards&#8221; to enable
      signatory states to issue certificates.&#160; All of our vessels are in possession of a CLC State issued certificate attesting that the required insurance coverage is in force.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The IMO also adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage (the &#8220;Bunker Convention&#8221;) to impose strict liability on
      ship owners (including the registered owner, bareboat charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered owners of ships
      over 1,000 gross tons to maintain insurance for pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the LLMC).&#160;
      With respect to non-ratifying states, liability for spills or releases of oil carried as fuel in ship&#8217;s bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or damages occur.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Ships are required to maintain a certificate attesting that they maintain adequate insurance to cover an incident. In jurisdictions, such as the United States
      where the CLC or the Bunker Convention has not been adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or on a strict-liability basis.</div>
    <div style="text-align: justify; font-style: italic;">Anti&#8209;Fouling Requirements</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In 2001, the IMO adopted the International Convention on the Control of Harmful Anti&#8209;fouling Systems on Ships, or the &#8220;Anti&#8209;fouling Convention.&#8221; The Anti&#8209;fouling Convention, which entered into force
      on September&#160;17, 2008, prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea life to the hulls of vessels. Vessels of over 400 gross tons engaged in international voyages will also be required to undergo
      an initial survey before the vessel is put into service or before an International Anti&#8209;fouling System Certificate is issued for the first time; and subsequent surveys when the anti&#8209;fouling systems are altered or replaced. We have obtained
      Anti&#8209;fouling System Certificates for all of our vessels that are subject to the Anti&#8209;fouling Convention.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">Compliance Enforcement</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Noncompliance with the ISM Code or other IMO regulations may subject the ship owner or bareboat charterer to increased liability, may lead to decreases in
      available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The USCG and European Union authorities have indicated that vessels not in compliance with the ISM Code by applicable deadlines
      will be prohibited from trading in U.S. and European Union ports, respectively.&#160; As of the date of this report, each of our vessels is ISM Code certified. However, there can be no assurance that such certificates will be maintained in the future<font style="font-weight: bold;">.</font>&#160; The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations might have on our
      operations.</div>
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    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">United States Regulations</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The U.S. Oil Pollution Act of 1990 (&#8220;OPA&#8221;) established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil
      spills. OPA affects all &#8220;owners and operators&#8221; whose vessels trade or operate within the U.S., its territories and possessions or whose vessels operate in U.S. waters, which includes the U.S.&#8217;s territorial sea and its 200-nautical mile exclusive
      economic zone around the U.S.&#160; The U.S. has also enacted the Comprehensive Environmental Response, Compensation and Liability Act (&#8220;CERCLA&#8221;), which applies to the discharge of hazardous substances other than oil, except in limited circumstances,
      whether on land or at sea.&#160; OPA and CERCLA both define &#8220;owner and operator&#8221; in the case of a vessel as any person owning, operating or chartering by demise, the vessel.&#160; Both OPA and CERCLA impact our operations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Under OPA, vessel owners and operators are &#8220;responsible parties&#8221; and are jointly, severally and strictly liable (unless the spill results solely from the act or
      omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel).&#160; OPA defines these other damages
      broadly to include:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt; margin-bottom: 12pt;">(i)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>injury to, destruction or loss of, or loss of use of, natural
      resources and related assessment costs;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt; margin-bottom: 12pt;">(ii)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>injury to, or economic losses resulting from, the destruction of
      real and personal property;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt; margin-bottom: 12pt;">(iii)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>loss of subsistence use of natural resources that are injured,
      destroyed or lost;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt; margin-bottom: 12pt;">(iv)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>net loss of taxes, royalties, rents, fees or net profit revenues
      resulting from injury, destruction or loss of real or personal property, or natural resources;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt; margin-bottom: 12pt;">(v)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>lost profits or impairment of earning capacity due to injury,
      destruction or loss of real or personal property or natural resources; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt; margin-bottom: 12pt;">(vi)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>net cost of increased or additional public services necessitated
      by removal activities following a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">OPA contains statutory caps on liability and damages; such caps do not apply to direct cleanup costs.&#160; Effective November 12, 2019, the USCG adjusted the limits
      of OPA liability for a tank vessel, other than a single-hull tank vessel, over 3,000 gross tons liability to the greater of $2,300 per gross ton or $19,943,400 (subject to periodic adjustment for inflation. These limits of liability do not apply if
      an incident was proximately caused by the violation of an applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship) or a responsible
      party&#8217;s gross negligence or willful misconduct. The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident as required by law where the responsible party knows or has reason to know of
      the incident; (ii) reasonably cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention
      on the High Seas Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for cleanup, removal and remedial costs, as well as damages for
      injury to, or destruction or loss of, natural resources, including the reasonable costs associated with assessing the same, and health assessments or health effects studies. There is no liability if the discharge of a hazardous substance results
      solely from the act or omission of a third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5.0 million for vessels carrying a hazardous substance as cargo and the greater of $300 per
      gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct
      or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations.&#160; The limitation on liability also does not apply if the responsible person fails or refused to provide all
      reasonable cooperation and assistance as requested in connection with response activities where the vessel is subject to OPA.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort law.&#160; OPA and CERCLA both require owners and operators of
      vessels to establish and maintain with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy their financial
      responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. We comply and plan to comply going forward with the USCG&#8217;s financial responsibility regulations by providing applicable
      certificates of financial responsibility.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The 2010 <font style="font-style: italic;">Deepwater Horizon</font> oil spill in the Gulf of Mexico resulted in additional regulatory initiatives or statutes,
      including higher liability caps under OPA, new regulations regarding offshore oil and gas drilling and a pilot inspection program for offshore facilities.&#160; However, several of these initiatives and regulations have been or may be revised.&#160; For
      example, the U.S. Bureau of Safety and Environmental Enforcement&#8217;s (&#8220;BSEE&#8221;) revised Production Safety Systems Rule (&#8220;PSSR&#8221;), effective December 27, 2018, modified and relaxed certain environmental and safety protections under the 2016 PSSR.&#160;
      Additionally, the BSEE amended the Well Control Rule, effective July 15, 2019, which rolled back certain reforms regarding the safety of drilling operations, and the U.S. President has proposed leasing new sections of U.S. waters to oil and gas
      companies for offshore drilling.&#160; The effects of these proposals and changes are currently unknown.&#160; Compliance with any new requirements of OPA and future legislation or regulations applicable to the operation of our vessels could impact the cost of
      our operations and adversely affect our business.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries,
      provided they accept, at a minimum, the levels of liability established under OPA and some states have enacted legislation providing for unlimited liability for oil spills.&#160; Many U.S. states that border a navigable waterway have enacted environmental
      pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance.&#160; These laws may be more stringent than U.S. federal law.&#160; Moreover, some states have
      enacted legislation providing for unlimited liability for discharge of pollutants within their waters, although in some cases, states which have enacted this type of legislation have not yet issued implementing regulations defining vessel owners&#8217;
      responsibilities under these laws. The Company intends to comply with all applicable state regulations in the ports where the Company&#8217;s vessels call.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">We currently maintain pollution liability coverage insurance in the amount of $1.0 billion per incident for each of our vessels. If the damages from a
      catastrophic spill were to exceed our insurance coverage, it could have an adverse effect on our business and results of operation.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">Other United States Environmental Initiatives</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990) (&#8220;CAA&#8221;) requires the EPA to promulgate standards applicable to emissions of volatile
      organic compounds and other air contaminants. Our vessels are subject to vapor control and recovery requirements for certain cargoes when loading, unloading, ballasting, cleaning and conducting other operations in regulated port areas. The CAA also
      requires states to draft State Implementation Plans, or &#8220;SIPs,&#8221; designed to attain national health-based air quality standards in each state. Although state-specific, SIPs may include regulations concerning emissions resulting from vessel loading and
      unloading operations by requiring the installation of vapor control equipment. Our vessels operating in such regulated port areas with restricted cargoes are equipped with vapor recovery systems that satisfy these existing requirements.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The U.S. Clean Water Act (&#8220;CWA&#8221;) prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a
      duly-issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges.&#160; The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies
      available under OPA and CERCLA.&#160; In 2015, the EPA expanded the definition of &#8220;waters of the United States&#8221; (&#8220;WOTUS&#8221;), thereby expanding federal authority under the CWA.&#160; Following litigation on the revised WOTUS rule, in December 2018, the EPA and
      Department of the Army proposed a revised, limited definition of &#8220;waters of the United States.&#8221; The proposed rule was published in the Federal Register on February 14, 2019 and was subject to public comment. On October 22, 2019, the agencies
      published&#160;a final rule repealing the 2015 Rule defining &#8220;waters of the United States&#8221; and recodified the regulatory text that existed prior to the 2015 Rule. The final rule became effective on December 23, 2019. On January 23, 2020, the EPA published
      the &#8220;Navigable Waters Protection Rule,&#8221; which replaces the rule published on October 22, 2019, and redefines &#8220;waters of the United States.&#8221;&#160; The effect of this rule is currently unknown.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The EPA and the USCG have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on our vessels to
      treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict our vessels from entering U.S. Waters.&#160; The EPA will regulate
      these ballast water discharges and other discharges incidental to the normal operation of certain vessels within United States waters pursuant to the Vessel Incidental Discharge Act (&#8220;VIDA&#8221;), which was signed into law on December 4, 2018 and replaces
      the 2013 Vessel General Permit (&#8220;VGP&#8221;) program (which authorizes discharges incidental to operations of commercial vessels and contains numeric ballast water discharge limits for most vessels to reduce the risk of invasive species in U.S. waters,
      stringent requirements for exhaust gas scrubbers, and requirements for the use of environmentally acceptable lubricants) and current Coast Guard ballast water management regulations adopted under the U.S. National Invasive Species Act (&#8220;NISA&#8221;), such
      as mid-ocean ballast exchange programs and installation of approved USCG technology for all vessels equipped with ballast water tanks bound for U.S. ports or entering U.S. waters.&#160; VIDA establishes a new framework for the regulation of vessel
      incidental discharges under Clean Water Act (CWA), requires the EPA to develop performance standards for those discharges within two years of enactment, and requires the U.S. Coast Guard to develop implementation, compliance and enforcement
      regulations within two years of EPA&#8217;s promulgation of standards.&#160; Under VIDA, all provisions of the 2013 VGP and USCG regulations regarding ballast water treatment remain in force and effect until the EPA and U.S. Coast Guard regulations are
      finalized.&#160; Non-military, non-recreational vessels greater than 79 feet in length must continue to comply with the requirements of the VGP, including submission of a Notice of Intent (&#8220;NOI&#8221;) or retention of a PARI form and submission of annual
      reports. We have submitted NOIs for our vessels where required. Compliance with the EPA, U.S. Coast Guard and state regulations could require the installation of ballast water treatment equipment on our vessels or the implementation of other port
      facility disposal procedures at potentially substantial cost, or may otherwise restrict our vessels from entering U.S. waters.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">European Union Regulations</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">In October 2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor
      discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead
      to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger. Criminal liability for pollution may result in
      substantial penalties or fines and increased civil liability claims.&#160; Regulation (EU) 2015/757 of the European Parliament and of the Council of 29 April 2015 (amending EU Directive 2009/16/EC) governs the monitoring, reporting and verification of
      carbon dioxide emissions from maritime transport, and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually, which may cause us to incur additional expenses.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by
      type, age and flag as well as the number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses. The regulation also
      provided the European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply. Furthermore,
      the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced requirements parallel to those in Annex VI relating
      to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by ships at berth in the Baltic, the North Sea and the English Channel (the so called &#8220;SOx-Emission Control Area&#8221;). As of January 2020,
      EU member states must also ensure that ships in all EU waters, except the SOx-Emission Control Area, use fuels with a 0.5% maximum sulfur content.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">International Labour Organization</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The International Labour Organization (the &#8220;ILO&#8221;) is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006 (&#8220;MLC 2006&#8221;). A Maritime
      Labor Certificate and a Declaration of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships that are 500 gross tonnage or over and are either engaged in international voyages or flying the flag of a Member and
      operating from a port, or between ports, in another country. We believe that all our vessels are in substantial compliance with and are certified to meet MLC 2006.</div>
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    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Greenhouse Gas Regulation</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Currently, the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on
      Climate Change, which entered into force in 2005 and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas emissions with targets extended through 2020.&#160; International negotiations are
      continuing with respect to a successor to the Kyoto Protocol, and restrictions on shipping emissions may be included in any new treaty. In December 2009, more than 27 nations, including the U.S. and China, signed the Copenhagen Accord, which includes
      a non-binding commitment to reduce greenhouse gas emissions.&#160; The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on November 4, 2016 and does not directly limit greenhouse gas
      emissions from ships.&#160; The U.S. initially entered into the agreement, but on June 1, 2017, the U.S. President announced that the United States intends to withdraw from the Paris Agreement, which provides for a four-year exit process, meaning that the
      earliest possible effective withdrawal date cannot be before November 4, 2020. The timing and effect of such action has yet to be determined.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">At MEPC 70 and MEPC 71, a draft outline of the structure of the initial strategy for developing a comprehensive IMO strategy on reduction of greenhouse gas
      emissions from ships was approved. In accordance with this roadmap, in April 2018, nations at the MEPC 72 adopted an initial strategy to reduce greenhouse gas emissions from ships.&#160; The initial strategy identifies &#8220;levels of ambition&#8221; to reducing
      greenhouse gas emissions, including (1) decreasing the carbon intensity from ships through implementation of further phases of the EEDI for new ships; (2) reducing carbon dioxide emissions per transport work, as an average across international
      shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 emission levels; and (3) reducing the total annual greenhouse emissions by at least 50% by 2050 compared to 2008 while pursuing efforts towards phasing them out
      entirely.&#160; The initial strategy notes that technological innovation, alternative fuels and/or energy sources for international shipping will be integral to achieve the overall ambition. These regulations could cause us to incur additional substantial
      expenses.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The EU made a unilateral commitment to reduce overall greenhouse gas emissions from its member states from 20% of 1990 levels by 2020. The EU also committed to
      reduce its emissions by 20% under the Kyoto Protocol&#8217;s second period from 2013 to 2020.&#160; Starting in January 2018, large ships over 5,000 gross tonnage calling at EU ports are required to collect and publish data on carbon dioxide emissions and other
      information.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">In the United States, the EPA issued a finding that greenhouse gases endanger the public health and safety, adopted regulations to limit greenhouse gas
      emissions from certain mobile sources and proposed regulations to limit greenhouse gas emissions from large stationary sources. However, in March 2017, the U.S. President signed an executive order to review and possibly eliminate the EPA&#8217;s plan to
      cut greenhouse gas emissions, and in August 2019, the Administration announced plans to weaken regulations for methane emissions. The EPA or individual U.S. states could enact environmental regulations that would affect our operations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we operate, or any treaty
      adopted at the international level to succeed the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases could require us to make significant financial expenditures which we cannot predict with certainty at this time. Even in
      the absence of climate control legislation, our business may be indirectly affected to the extent that climate change may result in sea level changes or certain weather events.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Vessel Security Regulations</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Since the terrorist attacks of September 11, 2001 in the United States, there have been a variety of initiatives intended to enhance vessel security such as the
      U.S. Maritime Transportation Security Act of 2002 (&#8220;MTSA&#8221;). To implement certain portions of the MTSA, the USCG issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the
      jurisdiction of the United States and at certain ports and facilities, some of which are regulated by the EPA.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Similarly, Chapter XI-2 of the SOLAS Convention imposes detailed security obligations on vessels and port authorities and mandates compliance with the
      International Ship and Port Facility Security Code (&#8220;the ISPS Code&#8221;). The ISPS Code is designed to enhance the security of ports and ships against terrorism. To trade internationally, a vessel must attain an International Ship Security Certificate
      (&#8220;ISSC&#8221;) from a recognized security organization approved by the vessel&#8217;s flag state. Ships operating without a valid certificate may be detained, expelled from or refused entry at port until they obtain an ISSC.&#160; The various requirements, some of
      which are found in the SOLAS Convention, include, for example, on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore
      stations, including information on a ship&#8217;s identity, position, course, speed and navigational status; on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore; the development of
      vessel security plans; ship identification number to be permanently marked on a vessel&#8217;s hull; a continuous synopsis record kept onboard showing a vessel&#8217;s history including the name of the ship, the state whose flag the ship is entitled to fly, the
      date on which the ship was registered with that state, the ship&#8217;s identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and compliance with flag state security
      certification requirements.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The USCG regulations, intended to align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures, provided
      such vessels have on board a valid ISSC that attests to the vessel&#8217;s compliance with the SOLAS Convention security requirements and the ISPS Code. Future security measures could have a significant financial impact on us.&#160; We intend to comply with the
      various security measures addressed by MTSA, the SOLAS Convention and the ISPS Code.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The cost of vessel security measures has also been affected by the escalation in the frequency of acts of piracy against ships, notably off the coast of
      Somalia, including the Gulf of Aden and Arabian Sea area.&#160; Substantial loss of revenue and other costs may be incurred as a result of detention of a vessel or additional security measures, and the risk of uninsured losses could significantly affect
      our business. Costs are incurred in taking additional security measures in accordance with Best Management Practices to Deter Piracy, notably those contained in the BMP5 industry standard.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Inspection by Classification Societies</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society
      certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. Most insurance underwriters make it a condition for insurance coverage and lending that a vessel
      be certified &#8220;in class&#8221; by a classification society which is a member of the International Association of Classification Societies, the IACS.&#160; The IACS has adopted harmonized Common Structural Rules, or &#8220;the Rules,&#8221; which apply to oil tankers and
      bulk carriers contracted for construction on or after July 1, 2015.&#160; The Rules attempt to create a level of consistency between IACS Societies.&#160; All of our vessels are certified as being &#8220;in class&#8221; by all the applicable Classification Societies
      (e.g., American Bureau of Shipping, Lloyd&#8217;s Register of Shipping).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">A vessel must undergo annual surveys, intermediate surveys, drydockings and special surveys. In lieu of a special survey, a vessel&#8217;s machinery may be on a
      continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. Every vessel is also required to be drydocked every 30 to 36 months for inspection of the underwater parts of the vessel.&#160; If any vessel does
      not maintain its class and/or fails any annual survey, intermediate survey, drydocking or special survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable which could cause us to be in violation of
      certain covenants in our loan agreements. Any such inability to carry cargo or be employed, or any such violation of covenants, could have a material adverse impact on our financial condition and results of operations.</div>
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    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Risk of Loss and Liability Insurance</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">General</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">The operation of any cargo vessel includes risks such as mechanical failure, physical damage, collision, property loss, cargo loss or damage and business
      interruption due to political circumstances in foreign countries, piracy incidents, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and the
      liabilities arising from owning and operating vessels in international trade. OPA, which imposes virtually unlimited liability upon shipowners, operators and bareboat charterers of any vessel trading in the exclusive economic zone of the United
      States for certain oil pollution accidents in the United States, has made liability insurance more expensive for shipowners and operators trading in the United States market. We carry insurance coverage as customary in the shipping industry. However,
      not all risks can be insured, specific claims may be rejected, and we might not be always able to obtain adequate insurance coverage at reasonable rates.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Hull and Machinery Insurance</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">We have obtained marine hull and machinery and war risk insurance, which include the risk of actual or constructive total loss, for all of the vessels in our
      fleet. The vessels in our fleet are each covered up to at least fair market value, with deductibles of $350,000 per vessel per incident. We also arranged increased value coverage for each vessel. Under this increased value coverage, in the event of
      total loss of a vessel, we will be able recover for amounts not recoverable under the hull and machinery policy by reason of any under-insurance.&#160; We generally do not maintain insurance against loss of hire (except for certain charters for which we
      consider it appropriate), which covers business interruptions that result in the loss of use of a vessel.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Protection and Indemnity Insurance</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Protection and indemnity insurance is provided by mutual protection and indemnity associations, or &#8220;P&amp;I Associations,&#8221; and covers our third-party
      liabilities in connection with our shipping activities. This includes third-party liability and other related expenses of injury or death of crew, passengers and other third parties, loss or damage to cargo, claims arising from collisions with other
      vessels, damage to other third-party property, pollution arising from oil or other substances and salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended
      by protection and indemnity mutual associations, or &#8220;clubs.&#8221;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">Our current protection and indemnity insurance coverage for pollution is $1 billion per vessel per incident. The 13 P&amp;I Associations that comprise the
      International Group insure approximately 90% of the world&#8217;s commercial tonnage and have entered into a pooling agreement to reinsure each association&#8217;s liabilities. The International Group&#8217;s website states that the Pool provides a mechanism for
      sharing all claims in excess of US$ 10 million up to, currently, approximately US$ 8.0 billion.&#160; As a member of a P&amp;I Association, which is a member of the International Group, we are subject to calls payable to the associations based on our
      claim records as well as the claim records of all other members of the individual associations and members of the shipping pool of P&amp;I Associations comprising the International Group.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Competition</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">We operate in what we refer to as the Nordic American System, which describes our operation of our homogenous Suezmax tanker fleet in markets that are highly
      competitive and based primarily on supply and demand. We currently operate the majority of our vessels in the spot market. We compete for charters on the basis of price, vessel location, size, age and condition of the vessel, as well as on our
      reputation as an operator. For more information on the &#8220;Nordic American System&#8221;, please see Item 4.A. History and Development of the Company.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">41</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <font style="font-weight: bold;"> Permits and Authorizations </font>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;">We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses and certificates with respect to our vessels. The
      kinds of permits, licenses and certificates required depend upon several factors, including the commodity transported, the waters in which the vessel operates, the nationality of the vessel&#8217;s crew and the age of a vessel. We have been able to obtain
      all permits, licenses and certificates currently required to permit our vessels to operate. Additional laws and regulations, environmental or otherwise, may be adopted which could limit our ability to do business or increase our cost of doing
      business.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Seasonality</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Historically, oil trade and, therefore, charter rates increased in the winter months and eased in the summer months as demand for oil in the Northern Hemisphere rose in colder
      weather and fell in warmer weather. The tanker industry, in general, has become less dependent on the seasonal transport of heating oil than a decade ago as new uses for oil and oil products have developed, spreading consumption more evenly over the
      year. This is most apparent from the higher seasonal demand during the summer months due to energy requirements for air conditioning and motor vehicles.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3f890bb146934ae5a0511c98630d8a2a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">C.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Organizational Structure</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We were incorporated under the laws of Bermuda on June 12, 1995. We own three vessels directly at the parent level and the remaining twenty vessels are owned through our
      wholly-owned subsidiary, NATBH. NATBH was incorporated on January 29, 2019 and following the signing of the 2019 Senior Secured Credit Facility entered into on February 12, 2019, we transferred the ownership of twenty vessels used as collateral for
      the loan from NAT to NATBH.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Since May 30, 2003, Scandic has acted as our Manager, or the Manager, providing technical and administrative services pursuant to the Management Agreement.&#160; On January 10, 2013,
      the Manager became our wholly-owned subsidiary. Scandic is incorporated in Bermuda and has a European branch.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On January 3, 2013, NATC became our wholly owned subsidiary. NATC consists of the parent company incorporated in Bermuda, and its wholly owned subsidiary, NAT Chartering AS,
      which is incorporated in Norway. NAT receives commercial management services through NATC.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4fd0ceed61844822a4ff5f8d970e475e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">D.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Property, Plant and Equipment</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Please see Item 4. Information on the Company B. Business Overview - Our Fleet, for a description of our vessels. The vessels are mortgaged as collateral under the Credit
      Facility and the financing agreements with Ocean Yield.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5374a7fee8264fb99709fb45758aea60">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 4A.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">UNRESOLVED STAFF COMMENTS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">None.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6a09766de912483ea4e591e7a6eee0ee">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 5.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following management&#8217;s discussion and analysis should be read in conjunction with our historical financial statements and notes thereto included elsewhere in this report.
      This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements as a
      result of certain factors, such as those set forth in the section entitled Item 3.D. Risk Factors and elsewhere in this annual report.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For a discussion of our results for the year ended December 31, 2018 compared to the year ended December 31, 2017, please see Item 5. Operating and Financial Review and Prospects
      &#8211; A. Operating Results &#8211;Year Ended December 31, 2018 Compared to Year Ended December 31, 2017 contained in our annual report on Form 20-F for the year ended December 31, 2018, as amended, filed with the Securities and Exchange Commission on April 16,
      2019.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">42</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z919cb35a145146fc9af5339b88b38b60">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">A.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Operating Results</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">YEAR ENDED DECEMBER 31, 2019 COMPARED TO YEAR ENDED DECEMBER 31, 2018</div>
    <table cellspacing="0" cellpadding="0" id="z1af33e3c10c44e64944652aa2e2a1ade" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Years Ended December 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify; font-style: italic;">All figures in USD &#8216;000</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Variance</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
            <div>Voyage Revenue</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>317,220</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>289,016</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>9.8</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">
            <div>Voyage Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(141,770</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(165,012</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(14.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
            <div>Vessel Operating Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(66,033</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(80,411</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(17.9</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">
            <div>Impairment Loss on Vessels</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(2,168</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>N/A</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div>Impairment Loss on Goodwill</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>N/A</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div>Loss from Disposal of Vessels</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(6,619</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>N/A</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div>General and Administrative Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(13,481</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(12,727</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>5.9</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div>Depreciation Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>(63,965</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>(60,695</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>5.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">Net Operating (Loss) Income</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">31,971</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">(38,616</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">(182.8</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div>Interest Income</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>298</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>334</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(10.8</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div>Interest Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(38,390</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(34,549</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>11.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div>Other Financial Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(4,231</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(14,808</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(71.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div>Equity Loss from Associate</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>(7,667</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>N/A</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Net (Loss) Income</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">(10,352</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">(95,306</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">(89.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">%)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Management believes that net voyage revenue, a non-GAAP financial measure, provides additional meaningful information because it enables us to compare the profitability of our
      vessels which are employed under bareboat charters, spot related time charters and spot charters. Net voyage revenues divided by the number of days on the charter provides the Time Charter Equivalent (TCE) Rate. Net voyage revenues and TCE rates are
      widely used by investors and analysts in the tanker shipping industry for comparing the financial performance of companies and for preparing industry averages. We believe that our method of calculating net voyage revenue is consistent with industry
      standards. The table below reconciles our net voyage revenues to voyage revenues.</div>
    <table cellspacing="0" cellpadding="0" id="z1e51828a832f4f23807c600af2ced2f7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Years Ended December 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="font-style: italic;">All figures in USD &#8216;000, except TCE rate per day</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Variance</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
            <div>Voyage Revenue</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>317,220</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>289,016</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>9.8</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div>Less Voyage expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(141,770</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(165,012</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(14.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Net Voyage Revenue</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">175,450</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">124,004</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>41.5</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">
            <div>Vessel Calendar Days (1)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>8,395</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>9,747</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(13.9</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Less off-hire days</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>293</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>277</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>5.8</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">Total TCE days</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">8,102</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">9,470</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">(14.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">TCE Rate per day (2)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">21,655</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">13,095</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">65.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div>Total Days for vessel operating expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>8,395</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>9,747</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(13.9</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>%)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c7ea77b31a24de5b323bed31c59fd59">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Vessel Calendar Days is the total number of days the vessels were in our fleet.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z356f17030cc440d1aa3626d954a56a8b">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Time Charter Equivalent (&#8220;TCE&#8221;) Rate, results from Net Voyage Revenue divided by total TCE days.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The change in Voyage revenue is due to two main factors:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z24e5c40f1a034b5a8ca6f1e4796d2a12">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The number of TCE days</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c57a9fb92844d2a826bf7d86cb41e86">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The change in the TCE rate achieved.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">With regards to i), the decrease in vessel calendar days is mainly due to the disposal of ten vessels in 2018, offset by three 2018 Newbuildings delivered in the latter part of
      2018.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">43</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">With regards to ii), the TCE rate increased by $8,560, or 65.4%. The indicative rates presented by Clarksons Shipping increased by 91.7% for the twelve months of 2019 compared to
      the same twelve months in 2018 to $31,560 from $16,466, respectively. The rates presented by Clarksons Shipping were significantly influenced by the spike in the Suezmax tanker rates in the fourth quarter of both 2019 and 2018. Our average TCE was
      also positively impacted by the increased tanker rates towards the end of 2019, but not to the same extent as the rates reported by Clarksons Shipping. We expect this spike to materialize to a larger extent in the first quarter of 2020 compared to
      the rates reported by Clarksons Shipping.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As a result of i) and ii) net voyage revenues increased by 41.5% from $124.0 million for the year ended December 31, 2018, to $175.5 million for the year ended December 31, 2019.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Voyage expenses decreased to $141.8 million from $165.0 million, or 14.1%. The decrease in voyage expenses was primarily due to a decrease in vessel calendar days as discussed
      above.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Vessel operating expenses decreased by $14.4 million, or 17.9%, from $80.4 million in 2018 to $66.0 million in 2019. This was primarily due to the decrease in our fleet as
      discussed above. In cooperation with our technical managers we maintain our focus on keeping the fleet in top technical condition whilst keeping costs low.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">No impairment loss on vessels has been recorded in 2019 compared to a loss of $2.2 million recorded for the year ended December 31, 2018.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">General and administrative expenses increased $0.7 million, or 5.9%, from $12.7 million in 2018 to $13.5 million in 2019.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Depreciation expenses increased by $3.3 million, or 5.4%, from $60.7 million in 2018 to $64.0 million in 2019. The increase is primarily due to the full-year effect of the three
      vessels added to the fleet in the latter part of 2018.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Interest expenses increased by $3.8 million, or 11.1%, from $34.5 million in 2018 to $38.4 million in 2019. The increase is mainly due to the full year-effect of the loans
      associated with the three vessels added to the fleet in latter part of 2018 and a non-cash expense of about $1.7 million related to the remaining borrowing cost under the Credit Facility that was repaid on February 12, 2019.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Other financial expenses decreased by $10.6, or 71.4%, from $14.8 million in 2018 to $4.2 million in 2019 mainly due an expense related to fair value change of $3.2 million for
      Investment Securities, offset by the cancellation of the Backstop facility in 2018 and expense of the associated fees of $13.4 million.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Please see Item 5. Operating and Financial Review and Prospects H. Critical Accounting Estimates for further information.</div>
    <div style="margin-bottom: 12pt;">YEAR ENDED DECEMBER 31, 2018 COMPARED TO YEAR ENDED DECEMBER 31, 2017</div>
    <table cellspacing="0" cellpadding="0" id="zca4cfc6081224c3596498d25abaa69fc" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Years Ended December 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify; font-style: italic;">All figures in USD '000</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-weight: bold;">2018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-weight: bold;">2017</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Variance</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
            <div>Voyage Revenue</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>289,016</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>297,141</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(2.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">
            <div>Voyage Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(165,012</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(142,465</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>15.8</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
            <div>Vessel Operating Expenses</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(80,411</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(87,663</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(8.3</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%)</div>
          </td>
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          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(2,168</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(110,480</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(98.0</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%)</div>
          </td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
            <div>Impairment Loss on Goodwill</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(18,979</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>N/A</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div>Loss from Disposal of Vessels</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(6,619</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>N/A<br>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div>General and Administrative Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(12,727</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(12,575</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>1.2</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div>Depreciation Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(60,695</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(100,669</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(39.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">Net Operating Loss</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">(38,616</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">(175,690</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">(78.0</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-weight: bold;">%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div>Interest Income</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>334</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>347</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(3.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div>Interest Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(34,549</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(20,464</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>68.8</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div>Other Financial Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(14,808</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(727</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>1,936.9</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div>Equity Loss from Associate</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(7,667</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(8,435</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(9.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Net (Loss) Income</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">(95,306</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">(204,969</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">(53.5</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div style="font-weight: bold;">%)</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">44</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z0defecfca84a4854910c4924da549dfd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div>Reconciliation of net voyage revenues to voyage revenues:</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Years Ended December 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="font-style: italic;">All figures in USD '000, except TCE rate per day</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2017</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Variance</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
            <div>Voyage Revenue</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>289,016</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>297,141</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(2.7</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div>Less Voyage expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(165,012</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(142,465</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>15.8</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Net Voyage Revenue</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">124,004</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">154,676</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(19.8</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">
            <div>Vessel Calendar Days (1)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>9,747</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>10,892</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(10.5</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Less off-hire days</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>277</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>867</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(68.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">Total TCE days</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">9,470</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">10,025</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">(5.5</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">TCE Rate per day (2)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">13,095</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">15,428</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(15.1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div>Total Days for vessel operating expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>9,747</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>10,892</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>(10.5</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div>%)</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc8f9fda1392e4c33b72568f5acae90bc">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Vessel Calendar Days is the total number of days the vessels were in our fleet.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z047ee3b801c740ca868d2c848fb1f8fd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Time Charter Equivalent ("TCE") Rate, results from Net Voyage Revenue divided by total TCE days.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">The change in Voyage revenue is due to two main factors:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2254f760b79446dda2d78d721f2d810d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The number of TCE days</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z44cbc6ab1fb34ae38a238464ea255020">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The change in the TCE rate achieved.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">With regards to i), the decrease of 590 days in offhire days was a result of reduced planned offhire in relation to drydocking of vessels.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">The decrease in vessel calendar days is mainly due to the disposal of eight vessels in June and July 2018, offset by three newbuildings delivered in the latter part of 2018.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">With regards to ii), the TCE rate decreased by $2,333, or 15.1%. The indicative rates presented by Clarksons Shipping decreased by 0.2% for the twelve months of 2018 compared to the same twelve
      months in 2017 to $15,536 from $15,570, respectively. The rates presented by Clarksons Shipping for the year ended December 31, 2018 were significantly influenced by the spike in the Suezmax tanker rates in the fourth quarter of 2018. The year to
      date average as of November 30, 2018 was $13,123 representing a decrease of 15.7% compared to the year ended December 31, 2017. Our average TCE was also positively impacted by the increased tanker rates towards the end of 2018, but not to the same
      extent as the rates reported by Clarksons Shipping. We expect this spike to materialize to a larger extent in the first quarter of 2019 compared to the rates reported by Clarksons Shipping.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">As a result of i) and ii) net voyage revenues decreased by 19.8% from $154.7 million for the year ended December 31, 2017, to $124.0 million for the year ended December 31, 2018.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Voyage expenses increased to $165.0 million from $142.5 million, or 15.8%. The increase in voyage expenses was primarily due to an increase in bunker costs caused by an increase in fuel oil prices
      compared to prior year.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Vessel operating expenses decreased by $7.2 million, or 8.3%, from $87.7 million in 2017 to $80.4 million in 2018. This was primarily due to the decrease in our fleet as discussed above. In
      cooperation with our technical managers we maintain our focus on keeping the fleet in top technical condition whilst keeping costs low.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">45</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">An impairment loss on vessels of $2.2 million has been recorded for the year ended December 31, 2018 together with a loss on disposal of vessels of $6.6 million compared to an impairment loss of
      $110.5 million and no loss on disposal of vessels in 2017.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">General and administrative expenses increased insignificantly by $0.1 million, or 1.2%, from $12.6 million in 2017 to $12.7 million in 2018.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Depreciation expenses decreased by $40.0 million, or 39.7%, from $100.7 million in 2017 to $60.7 million in 2018. The decrease is primarily due to the disposal of eight vessels in June and July 2018
      and two vessels in December 2018 in combination with an adjustment of the residual value of the vessels at the end of their useful life from $4.0 million to $8.0 million, offset by the addition of three vessels in the latter part of 2018.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Interest expenses increased by $14.0 million, or 68.8%, from $20.5 million in 2017 to $34.5 million in 2018. The increase is due to an increase in the margin paid under the Credit Facility in 2018
      compared to 2017 in combination with interest incurred related to the financing arrangement related to the three vessels delivered in 2018.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Other financial expenses increased by $14.1 million mainly due to cancellation of the Backstop facility in 2018 and expense of the associated fees of $13.4 million.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">The equity loss from associate of $7.7 million representing our share of $4.5 million of trading losses from our investment in NAO combined with an impairment loss of $2.6 million and a dilution loss
      of $0.6 million.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Inflation</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Inflation has had only a moderate effect on our expenses given recent economic conditions. In the event that significant global inflationary pressures appear, these pressures
      would increase our operating costs.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zecfc7731e91641a3bcd3aa6f0cce49d0">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">B.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Liquidity and Capital Resources</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We operate in a cyclical and capital intensive industry and we have historically financed our acquisitions of Suezmax tankers mainly through raising new equity. In addition, we
      have on February 12, 2019 replaced our $500 million Credit Facility with the $306 million 2019 Senior Secured Credit Facility using twenty of our vessels as collateral. The three 2018 Newbuildings are financed through Ocean Yield ASA.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Our Borrowing Activities</div>
    <div style="text-indent: 36pt; color: #000000;">In 2012, we entered into a $430 million revolving credit facility, which in 2015 was increased to $500 million, with a syndicate of lenders in order to refinance its existing credit facility, fund future
      vessel acquisitions and for general corporate purposes, or the Credit Facility.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">We had $313.4 million borrowed as of December 31, 2018 under this credit facility.<font style="color: #000000;"> In connection with the expansion of the Credit Facility in 2015, the Company incurred $4.6 million in
        deferred financing costs, which was amortized over the term of the loan and presented net of the outstanding loan balance. The remaining balance as of December 31, 2018 was $1.7 million, which has been expensed as Interest Expenses in 2019, upon
        the repayment on February 12, 2019, of the then remaining balance of $313.4 million of the Credit Facility.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On February 12, 2019 we entered into a new five-year senior secured credit facility for $306.1 million (the &#8220;2019 Senior Secured Credit Facility&#8221;) that refinanced the outstanding balance on the
      Credit Facility as of that date. Borrowings under the 2019 Senior Secured Credit Facility are secured by first priority mortgages over our vessels (excluding the three vessels delivered in 2018, see described below) and assignments of earnings and
      insurance. The loan is amortizing with a twenty-year maturity profile, carries a floating LIBOR interest rate plus a margin and matures in February 2024. Further, the agreement contains a discretionary excess cash mechanism for the lender that equals
      50% of the net earnings from the collateral vessels, less capex provision and fixed loan amortization. We have incurred $13.0 million (including a non-cash portion of $6.1 million) in financing costs, which is amortized over the term of the loan and
      the outstanding loan balance was presented net of the outstanding loan balance. The agreement contains covenants that require a minimum liquidity of $30.0 million and a loan-to-vessel value ratio of maximum 70%. We are free to distribute dividends as
      long as we comply with the described covenants.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">46</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">As of December 31, 2019, we had $291.8 million drawn under our 2019 Senior Secured Credit Facility, where $18.7 million has been presented as Current Portion of Long-Term Debt. This includes $3.4 million related to the
      excess cash flow mechanism payment related to earnings generated in the fourth quarter of 2019 and payable in the first quarter of 2020. We have incurred $13.0 million in financing cost, which is amortized over the term of the loan and presented net
      of the outstanding loan balance. The estimated fair value for the long-term debt is considered to be approximately equal to the carrying value since it carries a variable interest rate. As of December 31, 2019 and as of the date of this report, the
      Company is in compliance with the terms of the 2019 Senior Secured Credit Facility.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The 2019 Senior Secured Credit Facility is amortizing with a twenty-year maturity profile and we have repaid $14.3 million of the facility in the twelve months ended December 31, 2019. Subsequent to
      December 31, 2019, we made a further repayment of $7.3 million and the outstanding balance as of the date of this report is $284.5 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Financing of the 2018 Newbuildings:</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">The three 2018 Newbuildings were delivered to us in July, August and October 2018, respectively. Under the terms of the financing agreement, the lender has provided financing of 77.5% of the purchase
      price for each of the three 2018 Newbuildings and paid the remaining payment obligations to Samsung shipyard that were due upon delivery of the vessels. Net proceeds of $12.5 million received from Ocean Yield ASA was used to pay down the drawn amount
      on the Credit Facility. Upon delivery of each of the vessels, we entered into ten-year bareboat charter agreements. We have obligations to purchase the vessels for a consideration of $13.6 million for each vessel upon the completion of the ten-year
      bareboat charter agreements, and also have the option to purchase the vessels after sixty and eighty-four months. The financing agreements for the three vessels have a total effective interest rate ranging from 6.50% to 6.72% including a floating
      LIBOR element that is subject to annual adjustment. The financing agreement contains certain financial covenants requiring us to on a consolidated basis to maintain a minimum value adjusted equity of $175.0 million and ratio of 25%, minimum liquidity
      of $20.0 million; and a minimum vessel value to outstanding lease clause.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">The outstanding amount under this financing arrangement was $119.9 million and $127.1 million as of December 31, 2019 and 2018, respectively, where $7.6 and $7.3 million has been presented as Current
      Portion of Long-Term Debt, respectively. The Company has incurred $2.3 million in financing cost, which is amortized over the term of the financing arrangement and presented net of the outstanding loan balance.</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Liquidity Outlook:</div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Cash and cash equivalents was $48.8 million and $49.3 million as of December 31, 2019 and December 31, 2018, respectively.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">On a regular basis, we perform cash flow projections to evaluate whether we will be in a position to cover our liquidity needs for the next 12-month period and the compliance with financial and
      security ratios under our existing and future financing agreements. In developing estimates of future cash flows, we make assumptions about the vessels&#8217; future performance, market rates, operating expenses, capital expenditure, fleet utilization,
      general and administrative expenses, loan repayments and interest charges. The assumptions applied are based on historical experience and future expectations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On March 29, 2019, we entered into an equity distribution agreement with B. Riley FBR, Inc., acting as a sales agent, under which we may, from time to time, offer and sell shares
      of our common through an ATM program having an aggregate offering price of up to $40,000,000. As of December 31, 2019, we had raised gross and net proceeds (after deducting sales commissions and other fees and expenses) under the ATM of $18.6 million
      and $17.9 million, respectively, by issuing and selling 5,260,968 common shares. Since December 31, 2019, no further sales have been completed under the ATM program.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">47</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We believe that our current cash and cash equivalents and cash expected to be generated from operations, together with the measures described above, are sufficient to meet our
      working capital needs and other liquidity requirements for the next 12 months from the date of this report.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Cash Flows</div>
    <div style="margin-bottom: 12pt;">YEAR ENDED DECEMBER 31, 2019, COMPARED TO YEAR ENDED DECEMBER 31, 2018</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Cash flows (used in) / provided by operating activities increased to $52.9 million for the year ended December 31, 2019, from ($16.1) million for the year ended December 31,
      2018. The change in cash flows provided by operating activities is primarily due to increases in market rates achieved in 2019 compared to 2018 combined with a positive change in working capital from voyage related activities, offset by the
      settlement of the Deferred Executive Pension plan.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Cash flows (used in) / provided by investing activities decreased to ($2.3) million for the year ended December 31, 2019, compared to $85.0 million for the year ended December
      31, 2018. The decrease of cash flows (used in) / provided by investing activities is primarily due the Company disposing of ten vessels in 2018 compared to none in 2019.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Cash flows used in financing activities decreased to ($38.3) million for the year ended December 31, 2019, compared to cash flow used in financing activities of ($78.0) million
      for the year ended December 31, 2018. The decrease is primarily due to repayment of the Credit Facility by $313.4 million in 2019 compared to $78.2 million in 2018, offset by proceeds from the 2019 Senior Secured Credit Facility by $300.0 million and
      an increase of $14.3 million for repayment of the 2019 Senior Secured Credit Facility in 2019 and an increase in distributed dividends from $9.9 million in 2018 compared to $14.3 million in 2019, offset by issuance of common stock in 2019 with net
      proceeds of $17.9 million.</div>
    <div style="margin-bottom: 12pt;">The cash and cash equivalents was $48.8 million as of December 31, 2019.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For further information on contractual obligations please see Item 5. Operating and Financial Review and Prospects F. Tabular Disclosure of Contractual Obligations.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0bbb4b3fba9d4ad1b9e17cf56985be5c">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">C.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Research and Development, Patents and Licenses, Etc.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0d7565b681bf4acc83ce3702e1174de5">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">D.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Trend Information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The oil tanker industry has been highly cyclical, experiencing volatility in charter hire rates and vessel values resulting from changes in the supply of and demand for crude oil
      and tanker capacity. See Item 4. Information on the Company B. Business Overview &#8211;The International Tanker Market.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z51493e233e3d43d38bf502e8a0f94612">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">E.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Off Balance Sheet Arrangements</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">As of December 31, 2019, we do not have any off-balance sheet arrangements.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z192e2936d2b34a8fa5786c82c24d5c26">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">F.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Tabular Disclosure of Contractual Obligations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company&#8217;s contractual obligations as of December 31, 2019, consist of our obligations as borrower under our 2019 Senior Secured Credit Facility, our obligations related to
      financing of our three 2018 Newbuildings.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">48</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">The following table sets out financial, commercial and other obligations outstanding as of December 31, 2019.</div>
    <table cellspacing="0" cellpadding="0" id="z554191b2ff484e5d8a99dccb2820f8b6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="font-weight: bold;">Contractual Obligations in $&#8217;000s</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Less than 1 year</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">1-3 years</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">3-5 years</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">More than 5 years</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Senior Secured Credit Facility (1)*</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>291,798</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>18,749</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>30,610</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>242,439</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Interest Payments (2)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>82,255</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>21,690</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>39,624</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>20,941</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Financing of 2018 Newbuildings (3)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>119,867</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>7,630</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>16,287</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>17,849</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>78,101</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Interest Payments 2018 Newbuildings (4)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>47,517</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>7,674</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>13,739</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>11,526</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>14,578</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Operating Lease Liabilities (5)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>1,937</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>500</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>638</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>587</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>212</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div>Total</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>543,374</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>56,243</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>100,898</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>293,342</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
            <div>92,891</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
        </tr>

    </table>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">Notes:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc55f55f57e94484fb2e3d84f28fb9f23">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-style: italic;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic;">Refers to obligation to repay indebtedness outstanding as of December 31, 2019.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z76d88c7069a842618c11b2dc335e2f9e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-style: italic;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic;">Refers to estimated interest payments over the term of the indebtedness outstanding as of December 31, 2019. Estimate based on applicable interest rate and drawn amount as of December 31, 2019.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z06bbff1d6f034573929efe91ed2503dc">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-style: italic;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic;">Refers to obligation to repay indebtedness outstanding as of December 31, 2019 for three 2018 Newbuildings.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z605fd65da506436397a29b8c2452d0fa">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-style: italic;">(4)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic;">Refers to estimated interest payments over the term of the indebtedness outstanding as of December 31, 2019. Estimate based on applicable interest as of December 31, 2019 for the financing of the three 2018
                  Newbuildings.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z654666f473dd4a62897463a8ef7b51f4">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-style: italic;">(5)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic;">Refers to the future obligation as of December 31, 2019 to pay for operating lease liabilities at nominal values.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">*The new five-year senior secured credit facility for $306.1 million is amortizing with a twenty-year maturity profile, carries a floating LIBOR interest rate plus a margin and
      matures in February 2024. Further, the agreement contains a discretionary excess cash amortization mechanism for the lender that equals 50% of the net earnings from the collateral vessels, less capex provision and fixed amortization.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc80efc6e7aa34b9a9364f5483af44bc4">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">G.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Safe Harbor</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">See &#8220;Cautionary Statement Regarding Forward Looking Statements&#8221; at the beginning of this annual report.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6059d955f61e4e33912344efaac8dd6e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">H.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Critical Accounting Estimates</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We prepare our financial statements in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. <font style="background-color: #FFFFFF;">On a
        regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their
        effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. For a description of our material accounting policies, please read Item 18. Financial Statements
        Note 2 - Summary of Significant Accounting Policies.</font></div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Revenues and voyage expenses</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We adopted ASC 606 Revenue from Contracts with Customers with effect from January 1, 2018, applying the modified retrospective method. The change in the revenue guidance has
      affected the timing of recognition of revenue from spot charters, as we have changed recognition of revenue from a discharge-to-discharge basis to a load-to-discharge basis. Revenue is therefore recognized on a pro-rata basis commencing on the date
      that the cargo is loaded and concluded on the date of discharge of the cargo.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">49</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The financial year ended December 31, 2019 is comparative with the financial year ended December 31, 2018, as the new revenue standard is applied consistently for both financial
      years. The financial year ended December 31, 2017 is presented under the previous revenue recognition standard. On December 31, 2017 we had 19 vessels affected by the change in the revenue recognition standard that resulted in an adjustment to
      increase our opening balance of accumulated deficit as of January 1, 2018 of $4.1 million. As of December 31, 2018, we had 15 vessels that were impacted by the new revenue recognition policy with an equivalent net increase of $6.3 million on
      accumulated deficit.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Revenues and voyage expenses are recognized on an accruals basis over the duration of each spot charter.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For vessels operating on spot charters, voyage revenues are recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis under ASC 606
      and, therefore, are allocated between reporting periods based on the relative transit time in each period. In 2017, before the adoption of Topic 606 on January 1, 2018, the Company recognized voyage revenues ratably over the estimated length of each
      voyage on a discharge-to-discharge basis. Voyage expenses are capitalized between the discharge port of previous cargo, or contract date if later, and the load port of the cargo to be chartered if they qualify as fulfillment costs. Incremental cost
      to obtain a contract is capitalized and amortized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different
      on a quarterly and annual basis from a method of recognizing such costs when incurred. Expected losses that are deemed probable on voyages are provided for in full at the time such losses can be estimated. We do not capitalize fulfilment cost or
      recognize revenue when a charter has not been contractually committed to by a customer.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Vessel Impairment</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The carrying values of the Company&#8217;s vessels may not represent their fair value at any point in time since the market prices of secondhand vessels tend to fluctuate with changes
      in charter rates and the cost of newbuildings. Historically, both charter rates and vessel values tend to be cyclical. Our vessels are evaluated for possible impairment whenever events or changes in circumstances indicate that the carrying amount of
      a vessel may not be recoverable. If the estimated undiscounted future cash flows expected from the commercial use of the vessel and its eventual sale is less than the carrying amount of the vessel, the vessel is deemed to be impaired. Impairment
      charges is assessed and recognized on an individual vessel by vessel basis. Under this approach we identified impairment charges on vessels for the year ended December 31, 2019, December 31, 2018, December 31, 2017 of zero, $2.2 million and $110.5
      million, respectively.&#160; The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the vessel. This assessment is made at the individual vessel level as information about separately
      identifiable cash flows for each vessel is available.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In developing estimates of future undiscounted cash flows, we make assumptions and estimates about the vessels&#8217; future performance, with the significant assumptions being related
      to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating revenues
      are determined by considering an estimated daily time charter equivalent for the remaining operating days over the useful life of the vessel. The daily time charter equivalent rates are converted to annual forecasted revenues by multiplying the daily
      rate by the number of days in the year less days for expected off-hire and dry-docking. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are subjective. There
      can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The estimated daily time charter equivalents applied are based on an average of several broker estimates for the first two years of the analysis. For the remaining period from
      year 3 and to the end of the useful life of each vessel, we have applied a daily time charter equivalent equaling the fifteen-year historical average spot market rate for similar vessels. The broker estimates applied in year one and two are
      considered a more precise forecast as it captures the shorter-term expected market development of our business. The broker estimates are normally not available for a period exceeding two years. For year 3 and beyond, we believe that the 15-year
      historical company-specific average is a reasonable proxy for our expected cash flows as this average is most likely to encompass the charter rate cycles that our vessels will experience.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">50</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">When we calculate the expected undiscounted net cash flows for the vessels, we deduct operating expenses and expected cost of dry-docking and other expected capital expenditures
      from the operating revenues before adding an estimated scrap value of the vessel at the end of its useful life. The operating expenses applied are based on the forecasted operating cost for the vessels, which is adjusted in subsequent periods for
      expected growth. We have applied a compounded growth factor to the operating expenses, which is calculated based on the average increase in our operating expenses over the last fifteen years. Estimated cash outflows for dry-docking are based on
      historical and forecasted expenditure. Vessel utilization is based on historical average levels achieved. The scrap value applied is assessed to be $8.0 million per vessel based on market price of scrap per ton multiplied by lightweight tonnage of
      the vessel, less estimated cost associated with scrapping the vessel. All vessels are maintained for and assumed to have a useful life of 25 years.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For the vessels in our fleet we have in the table below indicated the following: (1) freight rates applied in our vessel impairment assessment; (2) the break-even rate, if
      applied from year 1 to the end of the useful life for each vessel, indicates the rate at which undiscounted cash flow do not exceed the book value for the first vessel in our fleet and (3) achieved rates, which represents the five and ten-year
      average freight rates achieved by the Company.</div>
    <table cellspacing="0" cellpadding="0" id="z7cea5aeeb2e946d1ab6bdf3144e393c7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="10" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Rates used (1)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-weight: bold;">Break even rate (2)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-weight: bold;">Achieved Rates (3)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>($ per day)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: center;">
            <div style="text-align: right;">First year</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: center;">
            <div style="text-align: right;">Second year</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: center;">
            <div style="text-align: right;">Thereafter</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: center;">
            <div style="text-align: right;">2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>2015 -2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div>2010-2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 28%; background-color: #FFFFFF;">
            <div>NAT fleet</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>37,154</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>29,965</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>26,739</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>22,485</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>22,990</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div>19,796</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the five or ten-year average historical rates described under &#8220;Achieved Rates&#8221; had been used in the cash flow forecast instead of the rates used from year three and onwards,
      carrying value would exceed the total undiscounted cash flows for nil and nil of our vessels, respectively.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">The Total Fleet &#8211; Comparison of Carrying Value versus Market Value: </font>During the past five years, the market values of vessels have
      experienced particular volatility, with substantial declines for many vessel classes. During 2019, our fleet of Suezmax vessels has experienced a positive valuation curve with values at the end of 2019 above the valuations received at the end of
      2018. According to Clarksons Ltd. 139 Suezmax tankers were sold and bought in total between 2015 and 2019, however such transactions may not be vessels as well maintained as the vessels in our fleet. We believe that our fleet should be valued as a
      transportation system as it is not meaningful under our strategy to assess the value of each individual vessel.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Factors and conditions which could impact our estimates of future cash flows of our vessels include:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z84c28a9496404242a4a8b47efff74bef">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Declines in prevailing market charter rates;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3aedec96e35f4710bc55605ca32afdf6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Changes in behaviors and attitudes of our charterers towards actual and preferred technical, operational and environmental standards; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7df4c5a4fa6143c4af0b28bcb89f985c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Changes in regulations over the requirements for the technical and environmental capabilities of our vessels.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our estimates of market value assume that our vessels are all in good and seaworthy condition without need for repair and, if inspected, would be certified in class without
      notations of any kind, and are held for use. Most oil companies require CAP 2 notation or better. All relevant vessels in our fleet have CAP1 notation for Hull, as well as Machinery &amp; Cargo. CAP is an abbreviation for Condition Assessment
      Program. The quality of the NAT fleet is at the top as evidenced by our vetting statistics, that is, inspections of our ships by clients. In such vetting processes safety for our crew, the environment and our assets are main considerations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our estimates are based on the estimated market values for our vessels that we have received from shipbrokers and these are inherently uncertain. The market value of a vessel as
      determined by shipbrokers could be an arbitrary assessment giving an estimate of a value for a transaction that has not taken place. In Management&#8217;s view the valuation of the Company on the NYSE should not be based upon net asset value (NAV), a
      measure that only is linked to the steel value of our ships. We have our own ongoing system value with a large and homogenous fleet allowing us to offer our transportation services to our clients across the globe.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">51</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z5a3e3aeff0094775b93bd0de9dd80603">

        <tr>
          <td style="width: 22.71%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Vessel</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Built</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Deadweight Tons</div>
          </td>
          <td colspan="2" style="width: 10.87%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Delivered to NAT</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td colspan="2" style="width: 10.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Carrying Value $ (millions) Dec 31, 2019</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td colspan="2" style="width: 10.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Carrying Value</div>
            <div style="text-align: center; font-weight: bold;">$ (millions)</div>
            <div style="text-align: center; font-weight: bold;">Dec 31, 2018</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Nordic Freedom*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2005</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">159,331</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2005</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">36.2</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">39.3</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Nordic Apollo*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2003</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">159,998</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2006</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">36.6</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">40.4</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Nordic Moon*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2002</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">160,305</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2006</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">34.8</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">37.4</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Nordic Cosmos*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2003</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">159,999</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2006</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">37.2</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">39.7</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Nordic Grace*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2002</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">149,921</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2009</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">26.9</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">30.0</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Nordic Mistral*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2002</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">164,236</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2009</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">26.8</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">29.6</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Nordic Passat*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2002</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">164,274</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2010</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">28.6</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">32.0</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Nordic Vega*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2010</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">163,940</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2010</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">59.9</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">63.4</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Nordic Breeze*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2011</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">158,597</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2011</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">47.1</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">49.6</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Nordic Zenith*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2011</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">158,645</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2011</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">47.5</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">50.0</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Nordic Sprinter*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2005</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">159,089</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2014</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">26.1</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">28.2</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Nordic Skier*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2005</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">159,089</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2014</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">26.4</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">28.8</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Nordic Light*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2010</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">158,475</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2015</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">47.8</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">50.9</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Nordic Cross*</div>
          </td>
          <td style="width: 22.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2010</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">158,475</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2015</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">51.3</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">50.9</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Luna*</div>
          </td>
          <td style="width: 22.71%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2004</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">150,037</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2016</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">24.6</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">24.8</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Castor*</div>
          </td>
          <td style="width: 22.71%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2004</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">150,249</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2016</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">23.7</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">24.5</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Sirius</div>
          </td>
          <td style="width: 22.71%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2000</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">150,183</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2016</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">14.7</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">16.6</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Pollux*</div>
          </td>
          <td style="width: 22.71%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2003</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">150,103</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2016</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">21.1</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">23.2</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Star</div>
          </td>
          <td style="width: 22.71%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2016</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">159,000</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2016</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">57.8</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">60.3</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Space</div>
          </td>
          <td style="width: 22.71%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2017</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">159,000</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2017</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">59.5</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">62.2</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Aquarius</div>
          </td>
          <td style="width: 22.71%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">159,000</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">54.5</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">56.6</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: top; background-color: #FFFFFF;">
            <div>Nordic Cygnus</div>
          </td>
          <td style="width: 22.71%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">159,000</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">55.0</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;">57.2</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: top; background-color: #CCEEFF;">
            <div>Nordic Tellus</div>
          </td>
          <td style="width: 22.71%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">159,000</div>
          </td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">55.9</div>
          </td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;">57.9</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 22.71%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 22.71%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 17.12%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.22%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">* The carrying value of our vessels as of December 31, 2019 is $900.0 million. We have obtained broker estimates from two independent shipbrokers indicating a fair market value of our fleet on a
      charter free basis to be $788.9 million, based on an average of the two estimates including the inherent uncertainty in such estimates. Each vessel marked with an asterisk has a fair market value that is lower than the carrying value. The total
      carrying value based on the above is consequently exceeding the fair value of the vessels by approximately $111.1 million as of December 31, 2019. We have in our vessel impairment analysis estimated future undiscounted cash flows generated by the
      vessels over their estimated useful life that exceed their carrying values as of December 31, 2019.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Vessels</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The useful lives of our vessels are principally dependent on the technical condition of our vessels. Vessels are stated at their historical cost and the estimated useful life of
      a vessel is 25 years from the date the vessel is delivered from the shipyard. Certain subsequent expenditures for major improvements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or
      improve the efficiency or safety of the vessel and depreciated over the remaining useful life of the vessel.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Depreciation is calculated based on cost less estimated residual value using the straight-line method. The residual value is estimated by management and reviewed annually, where
      the market price of scrap per ton is considered when evaluating this.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">52</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Drydocking</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company&#8217;s vessels are required to be drydocked approximately every 30 to 60 months. Vessels exceeding 15 years are subject to periodical maintenance surveys every 30 months,
      whereas vessels under 15 years of age are subject to survey intervals every 60 months. The Company capitalizes a substantial portion of the costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a
      drydocking or intermediate survey to the estimated completion of the next drydocking. Drydocking costs include a variety of costs incurred while vessels are placed within drydock, including direct expenses incurred related to the in preparation for
      docking and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of
      findings related to safety equipment on board.&#160; Consistent with prior periods, the Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs
      related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized
      drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If we change our estimate of the next drydock date, we will adjust our annual amortization of drydocking expenditures accordingly.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5fcbf9ae5d11499092f3a05733263899">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 6.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z28c77f7dbcd540b8b90c931e68c3b906">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">A.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Directors and Senior Management</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Set forth below are the names and positions of our directors of the Company and senior management of the Company. The directors of the Company are elected annually, and each
      elected director holds office until a successor is elected. Officers are elected from time to time by vote of the Board and holds office until a successor is elected.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">The Company</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z246c499883414b0e8a04183d7d4a5095">

          <tr>
            <td style="width: 31.74%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Name</div>
            </td>
            <td style="width: 17.3%; vertical-align: bottom;">
              <div style="text-align: center; font-family: 'Times New Roman',serif; font-weight: bold;">Age</div>
            </td>
            <td style="width: 50.96%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Position</div>
            </td>
          </tr>
          <tr>
            <td style="width: 31.74%; vertical-align: top; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Herbj&#248;rn Hansson</div>
            </td>
            <td style="width: 17.3%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">72</div>
            </td>
            <td style="width: 50.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Chairman, Chief Executive Officer, President and Director</div>
            </td>
          </tr>
          <tr>
            <td style="width: 31.74%; vertical-align: top; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">David Workman</div>
            </td>
            <td style="width: 17.3%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">58</div>
            </td>
            <td style="width: 50.96%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Director</div>
            </td>
          </tr>
          <tr>
            <td style="width: 31.74%; vertical-align: top; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Richard H. K. Vietor</div>
            </td>
            <td style="width: 17.3%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">74</div>
            </td>
            <td style="width: 50.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Director</div>
            </td>
          </tr>
          <tr>
            <td style="width: 31.74%; vertical-align: top; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Alexander Hansson</div>
            </td>
            <td style="width: 17.3%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">38</div>
            </td>
            <td style="width: 50.96%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Director</div>
            </td>
          </tr>
          <tr>
            <td style="width: 31.74%; vertical-align: top; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Jim Kelly</div>
            </td>
            <td style="width: 17.3%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">66</div>
            </td>
            <td style="width: 50.96%; vertical-align: bottom; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Vice Chairman, Director and Audit Committee Member</div>
            </td>
          </tr>
          <tr>
            <td style="width: 31.74%; vertical-align: top; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Bj&#248;rn Giaever</div>
            </td>
            <td style="width: 17.3%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">52</div>
            </td>
            <td style="width: 50.96%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Chief Financial Officer</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Certain biographical information with respect to each director and senior management of the Company listed above is set forth below.&#160; On March 6, 2020, Andreas Ove Ugland, a
      director and Vice Chairman of the Company and our Audit Committee Chairman, passed.&#160; Mr. Ugland had been a valued member of our Board of Directors since 1997.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Herbj&#248;rn Hansson</font> earned his M.B.A. at the Norwegian School of Economics and Business Administration and attended Harvard Business School.
      In 1974 he was employed by the Norwegian Shipowners&#8217; Association. In the period from 1975 to 1980, he was Chief Economist and Research Manager of INTERTANKO, an industry association whose members control about 70% of the world&#8217;s independently owned
      tanker fleet, excluding state owned and oil company fleets. During the 1980s, he was Chief Financial Officer of Kosmos/Anders Jahre, at the time one of the largest Norwegian based shipping and industry groups. In 1989, Mr. Hansson founded Ugland
      Nordic Shipping AS, or UNS, which became one of the world&#8217;s largest owners of specialized shuttle tankers. He served as Chairman in the first phase and as Chief Executive Officer as from 1993 to 2001 when UNS, under his management, was sold to Teekay
      Shipping Corporation, or Teekay, for an enterprise value of $780.0 million. He continued to work with Teekay, and reached the position of Vice Chairman of Teekay Norway AS, until he started working full-time for the Company on September 1, 2004. Mr.
      Hansson is the founder and has been Chairman and Chief Executive Officer of the Company since its establishment in 1995. He also has been a member of various governing bodies of companies within shipping, insurance, banking, manufacturing,
      national/international shipping agencies including classification societies and protection and indemnity associations. Mr. Hansson is fluent in Norwegian and English, and has a command of German and French for conversational purposes.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">53</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">David Workman </font>has been a director of the Company since November 2019. Mr. Workman&#160;has served as Hermitage Offshore Services Ltd.&#8217;s Class
      A Director since December 2013. Mr. Workman was Chief Operating Officer and member of the Supervisory Board of Stork Technical Services, or STS, guided, as Chief Executive Officer, the sale of the RBG Offshore Services Group into the STS group in
      2011. Mr. Workman has 30 years of broad experience in the offshore sector ranging from drilling operations/field development through production operations and project management. He has worked with a wide variety of exploration and production
      companies in the sector and has balanced this with exposure to the service sector, working with management companies. As part of his experience with these different companies, he has had extensive exposure to the North Sea market. Mr. Workman
      graduated from Imperial College London in 1983 with a Masters in Petroleum Engineering and spent his early years as a Drilling/Production Operations Engineer with BP. In 1987 he joined Hamilton Brothers Oil and Gas who were early adopters of floating
      production systems. In 1993 he joined Kerr McGee as an operations manager for the Tentech 850 designed Gryphon FPSO, the first permanently moored FPSO in the North Sea. In 1996, Mr. Workman established the service company Atlantic Floating
      Production, which went on to become the management contractor and duty holder on the John Fredriksen owned Northern Producer and on the Petroleum Geo-Services (PGS) owned Banff FPF. In 2003, Mr. Workman was instrumental in founding Tuscan Energy
      which went on to redevelop the abandoned Argyll Field in the UK Continental Shelf. In 2009, Mr. Workman was appointed as Chief Executive Officer of STS in 2011.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Richard H. K. Vietor </font>has been a director of the Company since July 2007. Mr. Vietor is the Paul Whiton Cherrington Professor of Business
      Administration where he teaches courses on the regulation of business and the international political economy.&#160; He was appointed Professor in 1984.&#160; Before coming to Harvard Business School in 1978, Professor Vietor held faculty appointments at
      Virginia Polytechnic Institute and the University of Missouri.&#160; He received a B.A. in economics from Union College in 1967, an M.A. in history from Hofstra University in 1971, and a Ph.D. from the University of Pittsburgh in 1975.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Alexander Hansson </font>has been a director of the Company since November 2019. Mr. Hansson<font style="background-color: #FFFFFF; color: #000000;">&#160;</font>is an investor in various markets globally and has made several successful investments in both listed and privately held companies. Mr. Hansson is the son of the Company&#8217;s Chairman and Chief Executive Officer and he has built a
      network over the last 20 years in the shipping and finance sector. He has operated shipping and trading offices in London and Monaco. He studied at EBS Regents College in London, United Kingdom.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Jim Kelly</font> has been a director of the Company since June 2010. Mr. Kelly has worked for Time Inc., the world&#8217;s largest magazine publisher,
      since 1978. He served as Foreign Editor during the fall of the Soviet Union and the first Gulf War, and was named Deputy Managing Editor in 1996. In 2001, Mr. Kelly became the magazine&#8217;s managing editor, and during his tenure the magazine won a
      record four National Magazine awards. In 2004, <font style="font-style: italic;">Time Magazine</font> received its first EMMA for its contribution to the ABC News Series &#8220;Iraq: Where Things Stand.&#8221; In late 2006, Mr. Kelly became the managing editor
      of all of Time Inc., helping supervise the work of more than 2,000 journalists working at 125 titles, including <font style="font-style: italic;">Fortune, Money, Sports Illustrated</font> and <font style="font-style: italic;">People</font>. Since
      2009, Mr. Kelly has worked as a consultant at Bloomberg LP and taught at Princeton and Columbia Universities. Jim Kelly was elected as member of our Audit Committee in February 2012.&#160; Mr. Kelly was appointed as the Chairman of the Audit Committee
      upon the passing of Mr. Ugland.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Bj&#248;rn Giaever </font>joined the Company as Chief Financial Officer and Secretary on October 16, 2017. Mr. Giaever has over 20 years of
      experience in the shipping &amp; offshore industry, holding key roles in corporate finance and equity research. He joined the Company from Fearnley Securities AS, where he served as partner and director in the Corporate Finance division. From 2006 to
      2010, Mr. Giaever served as a senior corporate advisor in the John Fredriksen group in London. In addition, Mr. Giaever has been a top rated Shipping Analyst at DNB Markets and partner at Inge Steensland AS, specializing in gas and maritime matters.
      Mr. Giaever holds a BSc in business and economics.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">54</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6b89c563facb49318035f00791cd4fbe">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">B.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Compensation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">2011 Equity Incentive Plan</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In 2011, the Board of Directors approved an incentive plan under which 400,000 common shares were reserved for issuance and were allocated among 23 persons employed in the
      management of the Company and the members of the Board of Directors. Of those 400,000 common shares, 326,000 and 74,000 had a five year and four year trade restriction, respectively, and the shares are forfeited if the grantee discontinues working
      for the Company before such time.&#160; The holders of the restricted shares are entitled to voting rights as well as receive dividends paid during the vesting period. Our Board of Directors considers this arrangement to be in the best interests of the
      Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In December 2015, we amended and restated the 2011 Equity Incentive Plan to reserve an additional 137,665 common shares for issuance to persons employed in the management of the
      Company and members of the Board of Directors under the same terms as the original plan. All 137,665 common shares reserved under the Amended and Restated 2011 Equity Incentive Plan were issued to 30 employees in 2016.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In 2019 and 2018, employees forfeited 20,000 and zero, respectively, upon their resignations. No distributions have been done in 2019. The Company holds 42,000 treasury shares&#160;as
      of December 31, 2019. As of December 31, 2019, a total number of 97,165 common shares have been allocated. The trading restrictions for the majority of these common shares expire in January 2020.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In October 2019, we amended and restated the 2011 Equity Incentive Plan to reserve an additional 1,000,000 stock options for issuance to persons employed in the management of the
      Company and members of the Board of Directors under the same terms as the original plan. On October 28, 2019, the Company granted 755,000 and 234,000 stock options with vesting over a period of two and three years, respectively, and an exercise price
      of $4.70 per share.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A copy of the Amended and Restated 2011 Equity Incentive Plan is filed as Exhibit 4.11 to this annual report.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Compensation of Directors</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The six directors received, in the aggregate, $311,000 in cash fees for their services as directors for the year ended December 31, 2019. The Vice Chairman of the Board of
      Directors received an additional annual cash compensation of $10,000 in 2019. The members of the Audit Committee receive an additional annual cash retainer of $12,000 each per year. The Chairman of the Audit Committee receives an additional annual
      cash compensation of $18,000 per year. We do not pay director fees to the Chairman, President and Chief Executive Officer. We do, however, reimburse all of our directors for all reasonable expenses incurred by them in connection with their services
      as members of our Board of Directors.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Executive Pension Plan</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Chairman, President and Chief Executive Officer had an individual deferred compensation agreement. The parties have entered into a settlement agreement in December 2019
      providing for a payment of $11.0 million as compensation for terminating the Executive Pension Plan. The Chief Executive Officer has served in his present position since the inception of the Company in 1995. Please see Note 7 to the audited financial
      statements for further information about the agreement including information related to the settlement of the deferred compensation agreement for our former Chief Financial Officer. Our current Chief Financial Officer has a regular contribution
      pension plan in line with the Company&#8217;s policy for employees.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Employment Agreements</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As of December 31, 2019, we have employment agreements with Herbj&#248;rn Hansson, our Chairman, President &amp; Chief Executive Officer, Bj&#248;rn Giaever, our CFO, and Alexander
      Hansson, our Board member. The aggregate compensation of our executive officers during the twelve months ended December 31, 2019 was approximately $3.6 million. Our Chairman, President &amp; Chief Executive Officer does not receive any additional
      compensation for his services as a director or Chairman of the Board and under certain circumstances the employment agreement may be terminated by our Chairman, President &amp; Chief Executive Officer or the Company upon six months&#8217; written notice to
      the other party.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">55</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4438f25c98f84e0898c5b01540b99b84">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">C.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Board Practices</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The members of our Board of Directors serve until the next annual general meeting following his or her election.&#160; The members of our current Board of Directors were elected at
      the annual general meeting held in 2018.&#160; Our Board of Directors has established an Audit Committee, consisting of a single independent director, Mr. Kelly.&#160; Mr. Kelly serves as the audit committee financial expert. The members of the Audit Committee
      received during 2019, additional remuneration of $30,000 in aggregate for serving on the Audit Committee.&#160; The Audit Committee provides assistance to our Board of Directors in fulfilling their responsibility to shareholders, and investment community
      relating to corporate accounting, reporting practices of the Company, and the quality and integrity of the financial reports of the Company.&#160; The Audit Committee, among other duties, recommends to the Board of Directors the independent auditors to be
      selected to audit our financial statements; meets with the independent auditors and our financial management to review the scope of the proposed audit for the current year and the audit procedures to be utilized; reviews with the independent
      auditors, and financial and accounting personnel, the adequacy and effectiveness of the accounting and financial controls of the Company; and reviews the financial statements contained in the annual report to shareholders with management and the
      independent auditors.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Pursuant to an exemption for foreign private issuers, we are not required to comply with many of the corporate governance requirements of the NYSE that are applicable to U.S.
      listed companies. For more information, please see Item 16G. Corporate Governance.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">There are no contracts between us and any of our directors providing for benefits upon termination of their employment.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb28184f360f44cc3be6f07b62eb54c95">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">D.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Employees</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As of December 31, 2019, the Company had a total of 20 full time employees.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5d9ec7d0fe464f72877622cd76d22565">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">E.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Share Ownership</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">With respect to the total amount of common shares owned by all of our officers and directors individually and as a group, please see Item 7. Major Shareholders and Related Party
      Transactions.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5f0c41fd51c6491d83c29f7039080e76">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 7.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05ef30452fae4dd48ba6a44e1d04d5f2">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">A.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Major Shareholders</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following table sets forth information regarding beneficial ownership of our common shares for (i) owners of more than five percent of our common shares and (ii) our
      directors and officers, of which we are aware of the date of this annual report.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z1b89c85660c0435695c778db06b08e2a">

        <tr>
          <td style="width: 15.71%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Title</div>
          </td>
          <td style="width: 3.3%; vertical-align: bottom;">&#160;</td>
          <td style="width: 31.96%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Identity of Person</div>
          </td>
          <td style="width: 2.98%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 19.24%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">No. of Shares</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.98%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 19.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Percent of Class(1)</div>
          </td>
          <td style="width: 4.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15.71%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Common</div>
          </td>
          <td style="width: 3.3%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 31.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hansson family(2)</div>
          </td>
          <td style="width: 2.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 14.82%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,380,659</div>
          </td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2.98</div>
          </td>
          <td style="width: 4.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.71%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 3.3%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 31.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Jim Kelly</div>
          </td>
          <td style="width: 2.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 14.82%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18.58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">*</div>
          </td>
          <td style="width: 4.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15.71%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.3%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 31.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Richard Vietor</div>
          </td>
          <td style="width: 2.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 14.82%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">*</div>
          </td>
          <td style="width: 4.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15.71%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 3.3%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 31.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>David Workman</div>
          </td>
          <td style="width: 2.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 14.82%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18.58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">*</div>
          </td>
          <td style="width: 4.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15.71%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.3%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 31.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bj&#248;rn Gi&#230;ver</div>
          </td>
          <td style="width: 2.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 14.82%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">*</div>
          </td>
          <td style="width: 4.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">(1) Based on 147,230,634 common shares outstanding as of the date of this annual report.</div>
    <div style="margin-bottom: 12pt;">(2) The holdings of High Seas AS, which are for the economic interest of members of the Hansson family, as well as the personal holdings of our Chief Executive Officer and Chairman, Mr. Herbjorn Hansson, and our
      director, Alexander Hansson, are included in the amount reported herein.</div>
    <div style="margin-bottom: 12pt;">* Less than 1% of our common outstanding shares.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">56</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As of April 14, 2020, we had 575 holders of record in the United States, including Cede &amp; Co., which is the Depositary Trust Company&#8217;s nominee for holding shares on behalf of
      brokerage firms, as a single holder of record. We had a total of 147,230,634 Common Shares outstanding as of the date of this annual report.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6b57ee6ffc954168b8aa63a699024edb">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">B.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Related Party Transactions</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Board Members and Employees:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Mr. Jan Erik Langangen, a former member of our Board of Directors and an advisor of the Company, is a partner of Langangen &amp; Helset Advokatfirma AS, a firm which provides
      legal services to us. We recognized $0.1 million in costs for the year ended December 31, 2019, $0.1 million in costs for the year ended December 31, 2018 and $0.7 million for the year ended December 31, 2017, for the services provided by Langangen
      &amp; Helset Advokatfirma AS. These costs are included in &#8220;General and Administrative Expenses&#8221; within the Statements of Operations contained herein. No amounts were due to the related party as of December 31, 2019, 2018 or 2017.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In 2014, we entered into an agreement with a company owned by a Board member for the use of an asset for corporate and marketing activities. We paid a fixed annual fee and fees
      associated with actual use. This agreement was terminated in 2017. In 2019, 2018 and 2017, use of the asset was paid for upon utilization and we recognized $0.3 million, $0.4 million and $0.2 million, respectively. No amounts were due to the related
      party as of December 31, 2019, 2018, 2017 related to use of the asset. As of December 31, 2019, we have a receivable of $0.3 million related to prepayments to our Chairman.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On January 8, 2016, a total number of 137,665 common shares, reserved for issuance under the Amended and Restated 2011 Equity Incentive Plan and that are subject to trade
      restrictions, were allocated to 30 persons employed in our Company and to members of the Board of Directors. We granted zero common shares to employees in 2019 and as of December 31, 2019, a total of 92,165 common shares are outstanding under the
      Amended and Restated 2011 Equity Incentive Plan.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On December 13, 2017, we issued 40,000,000 common shares at $2.75 per share in an underwritten registered follow-on offering. At our request, the underwriters reserved for sale
      an aggregate of 449,817 common shares to all of the members of the Company&#8217;s board of directors, management, and advisors at the public offering price.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">During 2017, our Chairman and Chief Executive Officer purchased approximately 870,000 of our common shares. This includes the 363,636 shares purchased in the offering completed
      on December 13, 2017, discussed above.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Hermitage Offshore Services Ltd (formerly Nordic American Offshore Ltd):</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Hermitage Offshore Services Ltd. (&#8220;HOS&#8221;) (formerly known as Nordic American Offshore Ltd.) was established in 2013 and operates ten platform supply vessels, eleven crew boats and
      two anchor handling vessels. HOS is listed on the New York Stock Exchange under the ticker &#8220;PSV&#8221;.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On December 11, 2018, HOS entered into a share purchase agreement with Scorpio Offshore Investments Inc., a closely held company owned and controlled by the Lolli-Ghetti family,
      pursuant to which Scorpio has invested $5.0 million in a private placement of HOS&#8217;s common shares at a price of $0.42 per share.&#160; Following this transaction, we owned 13.55% of the outstanding common shares of HOS.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We have sold 187,815 shares in HOS during the year ended December 31, 2019 and held 811,538 shares as of December 31, 2019 equaling about 3.2% of the outstanding common shares in
      HOS as of December 31, 2019. The reduction in ownership is a result of non-participation in several equity offerings in HOS during 2019 together with the abovementioned sale of shares, and HOS is no longer considered to be a related party of us.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The management agreement that we had for the provision of administrative services to HOS was terminated as of June 30, 2019 and ended on October 31, 2019.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">57</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As of the date of this annual report our Chairman, President and CEO with immediate family does not own any of the outstanding common shares in HOS.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26e37d854dea4745bccaefcab7d40442">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">C.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Interests of Experts and Counsel</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd6010c7f092a410d8753dfbf1b0664b3">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 8.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">FINANCIAL INFORMATION</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z82c9996cf0744882a92e2904af61cb63">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">A.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Consolidated Statements and other Financial Information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">See Item 18.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Legal Proceedings</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">To our knowledge, we are not currently a party to any lawsuit that, if adversely determined, would have a material adverse effect on our financial position, results of operations
      or liquidity. As such, we do not believe that pending legal proceedings, taken as a whole, should have any significant impact on our financial statements. From time to time in the future we may be subject to legal proceedings and claims in the
      ordinary course of business, principally personal injury and property casualty claims. While we expect that these claims would be covered by our existing insurance policies, those claims, even if lacking merit, could result in the expenditure of
      significant financial and managerial resources. We have not been involved in any legal proceedings which may have, or have had, a significant effect on our financial position, results of operations or liquidity, nor are we aware of any proceedings
      that are pending or threatened which may have a significant effect on our financial position, results of operations or liquidity.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Dividend Policy</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our policy is to declare quarterly dividends to shareholders as decided by the Board of Directors.&#160; The dividend to shareholders could be higher than the operating cash flow or
      the dividend to shareholders could be lower than the operating cash flow after reserves as the Board of Directors may from time to time determine are required, taking into account contingent liabilities, the terms of our borrowing agreements, our
      other cash needs and the requirements of Bermuda law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Total dividends distributed in 2019 totaled $14.3 million or $0.10 per share. The quarterly dividend payments per share over the last 5 years have been as follows:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z5e390d50a040400e89f68d866fef6a3d">

        <tr>
          <td style="width: 39.78%; vertical-align: bottom;">
            <div style="text-align: justify; text-indent: 9pt; font-weight: bold;">Period</div>
          </td>
          <td style="width: 0.67%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 9.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">2019</div>
          </td>
          <td style="width: 1.96%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td colspan="2" style="width: 9.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; text-indent: 9pt; font-weight: bold;">2018</div>
          </td>
          <td style="width: 2.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td colspan="2" style="width: 9.78%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; text-indent: 9pt; font-weight: bold;">2017</div>
          </td>
          <td style="width: 2.14%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td colspan="2" style="width: 9.78%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; text-indent: 9pt; font-weight: bold;">2016</div>
          </td>
          <td style="width: 0.9%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td colspan="2" style="width: 9.78%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; text-indent: 9pt; font-weight: bold;">2015</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.78%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; text-indent: 36pt;">1st Quarter</div>
          </td>
          <td style="width: 0.67%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td style="width: 8.6%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">0.04</div>
          </td>
          <td style="width: 1.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 0.66%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td style="width: 8.68%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">0.03</div>
          </td>
          <td style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">0.20</div>
          </td>
          <td style="width: 2.14%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">0.43</div>
          </td>
          <td style="width: 0.9%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">0.22</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.78%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify; text-indent: 36pt;">2nd Quarter</div>
          </td>
          <td style="width: 0.67%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 8.6%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">0.03</div>
          </td>
          <td style="width: 1.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.66%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 8.68%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">0.01</div>
          </td>
          <td style="width: 2.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">0.20</div>
          </td>
          <td style="width: 2.14%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">0.43</div>
          </td>
          <td style="width: 0.9%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">0.38</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.78%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; text-indent: 36pt;">3rd Quarter</div>
          </td>
          <td style="width: 0.67%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td style="width: 8.6%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">0.01</div>
          </td>
          <td style="width: 1.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 0.66%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td style="width: 8.68%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">0.02</div>
          </td>
          <td style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">0.15</div>
          </td>
          <td style="width: 2.14%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>*</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">0.25</div>
          </td>
          <td style="width: 0.9%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">0.40</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.78%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify; text-indent: 36pt;">4th Quarter</div>
          </td>
          <td style="width: 0.67%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div>$</div>
          </td>
          <td style="width: 8.6%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">0.02</div>
          </td>
          <td style="width: 1.96%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.66%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div>$</div>
          </td>
          <td style="width: 8.68%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">0.01</div>
          </td>
          <td style="width: 2.06%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div>$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">0.03</div>
          </td>
          <td style="width: 2.14%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div>$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">0.26</div>
          </td>
          <td style="width: 0.9%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div>$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">0.38</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.78%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify; text-indent: 9pt; font-weight: bold;">Total</div>
          </td>
          <td style="width: 0.67%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 8.6%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">0.10</div>
          </td>
          <td style="width: 1.96%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">&#160;</td>
          <td style="width: 0.66%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 8.68%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">0.07</div>
          </td>
          <td style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">0.58</div>
          </td>
          <td style="width: 2.14%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">1.37</div>
          </td>
          <td style="width: 0.9%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">&#160;</td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 8.7%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">1.38</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">* Includes $0.05 per share distributed as dividend-in-kind.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">The Company declared a dividend of $0.07 per share in respect of the fourth quarter of 2019, which was paid to shareholders on March 16, 2020.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc47265e58ee3409396ac73c1bb574a52">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">B.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Significant Changes</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">58</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdbe5f79644014a0e8956aead5f8b1aa5">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 9.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">THE OFFER AND LISTING</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable except for Item 9.A.4. and Item 9.C.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Share History and Markets</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Since November 16, 2004, the primary trading market for our common shares has been the NYSE on which our shares are listed under the symbol &#8220;NAT.&#8221;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3da685ae9c994157917c0d7127cc90c3">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 10.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">ADDITIONAL INFORMATION</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e6da33f3c8f4078adafe36df51d2b72">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">A.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Share Capital</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8ad19b766b7441f7b02ad6aa11d73255">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">B.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Memorandum and Articles of Association</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Memorandum of Association and Bye-Laws</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following description of our share capital summarizes the material terms of our Memorandum of Association and our bye-laws.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under our Memorandum of Association, as amended, our authorized capital consists of 360,000,000 common shares having a par value of $0.01 per share.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The purposes and powers of the Company include the entering into of any guarantee, contract, indemnity or suretyship and 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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our bye-laws provide that our Board of Directors shall convene and the Company shall hold annual general meetings of shareholders in accordance with the requirements of the
      Companies Act at such times and places as the Board shall decide. However, under Bermuda law, a company may by resolution in general meeting, elect to dispense with the holding of an annual general meeting for (a) the year in which it is made and any
      subsequent year or years; (b) for a specified number of years; or (c) indefinitely.&#160; Our Board of Directors may call special general meetings of shareholders at its discretion or as required by the Companies Act. Under the Companies Act, holders of
      one-tenth of our issued common shares may call special general meetings.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under our bye-laws, five days advance notice of an annual general meeting or any special general meeting must be given to each shareholder entitled to vote at that meeting
      unless, in the case of an annual general meeting, a shorter notice period for such meeting is agreed to by all of the shareholders entitled to vote thereat and, in the case of any other meeting, a shorter notice period for such meeting is agreed to
      by at least 75% of the shareholders entitled to vote thereat. Under Bermuda law, accidental failure to give notice will not invalidate proceedings at a meeting. Our Board of Directors may set a record date for the purpose of identifying the persons
      entitled to receive notice of and vote at a meeting of shareholders at any time before or after the date on which such notice is dispatched.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Board of Directors must consist of at least three and no more than 11 directors, or such number in excess thereof as the Board of Directors may from time to time determine by
      resolution. Our directors are not required to retire because of their age, and our directors are not required to be holders of our common shares. Directors serve for one-year terms, and shall serve until re-elected or until their successors are
      appointed at the next annual general meeting. Casual vacancies on our Board of Directors may be filled by a majority vote of the then-current directors.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">59</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any director retiring at an annual general meeting will be eligible for reappointment and will retain office until the close of the meeting at which such director retires or (if
      earlier) until a resolution is passed at that meeting not to fill the vacancy or the resolution to re-appoint such director is put to a vote at the meeting and is lost. If a director&#8217;s seat is not filled at the annual general meeting at which he or
      she retires, such director shall be deemed to have been reappointed unless it is resolved by the shareholders not to fill the vacancy or a resolution for the reappointment of the director is voted upon and lost. No person other than a director
      retiring shall be appointed a director at any general meeting unless (i) he or she is recommended by the Board of Directors or (ii) a notice executed by a shareholder (not being the person to be proposed) has been received by our secretary no less
      than 120 days and no more than 150 days prior to the date our proxy statement is released to shareholders in connection with the prior year&#8217;s annual general meeting declaring the intention to propose an individual for the vacant directorship
      position.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A director may at any time summon a meeting of the Board of Directors. The quorum necessary for the transaction of business at a meeting of the Board of Directors may be fixed by
      the Board of Directors and, unless so fixed at any other number, shall be two directors. Questions arising at any meeting of the Board of Directors shall be determined by a majority of the votes cast.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our bye-laws 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. Our bye-laws provide that a director who has an interest in any transaction or arrangement with the Company and who has complied with the provisions of the Companies Act and with our bye-laws with regard to disclosure of such
      interest shall be taken into account in ascertaining whether a quorum is present, and will be entitled to vote in respect of any transaction or arrangement in which he is so interested.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our bye-laws permit us to increase our authorized share capital with the approval of a majority of votes cast in respect of our outstanding common shares represented in person or
      by proxy.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">There are no pre-emptive, redemption, conversion or sinking fund rights attached to our common shares. The holders of common shares are entitled to one vote per share on all
      matters submitted to a vote of holders of common shares. Unless a different majority is required by law or by our bye-laws, resolutions to be approved by holders of common shares require approval by a simple majority of votes cast at a meeting at
      which a quorum is present. Shareholders present in person or by proxy and entitled to vote at a meeting of shareholders representing the holders of at least one-third of the issued shares entitled to vote at such general meeting shall be a quorum for
      all purposes.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under our bye-laws, our Board of Directors is authorized to attach to our undesignated shares such preferred, qualified or other special rights, privileges, conditions and
      restrictions as the Board of Directors may determine. The Board of Directors may allot our undesignated shares in more than one series and attach particular rights and restrictions to any such shares by resolution; provided, however, that the Board
      of Directors may not attach any rights or restrictions to our undesignated shares that would alter or abrogate any of the special rights attached to any other class or series of shares without such sanction as is required for any such alternation or
      abrogation unless expressly authorized to do so by the rights attaching to or by the terms of the issue of such shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subject to Bermuda law, special rights attaching to any class of our 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 of the holders of such shares voting in person or by proxy.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In the event of our liquidation, dissolution or winding up, the holders of common shares are entitled to share in our assets, if any, remaining after the payment of all of our
      debts and liabilities, subject to any liquidation preference on any outstanding preference shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our bye-laws provide that our Board of Directors may, from time to time, declare and pay dividends or distributions out of contributed surplus, which we refer to collectively as
      dividends. Each common share is entitled to dividends if and when dividends are declared by our Board of Directors, subject to any preferred dividend right of the holders of any preference shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">There are no limitations on the right of non-Bermudians or non-residents of Bermuda to hold or vote our common shares.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">60</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Bermuda law permits the bye-laws of a Bermuda company to contain a provision indemnifying the Company&#8217;s directors and officers for any loss arising or liability attaching to him
      or her 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, save with respect to fraud or dishonesty. Bermuda law also grants companies the power generally
      to indemnify directors and officers of a company, except in instances of fraud and dishonesty, 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 and officer of such company or was serving in a similar capacity for another entity at such company&#8217;s request.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our bye-laws provide that each director, alternate director, officer, person or member of a committee, if any, resident representative, and any liquidator, manager or trustee for
      the time being acting in relation to the affairs of the Company, and his heirs, executors or administrators, which we refer to collectively as an indemnitee, will be indemnified and held harmless out of our assets 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 or by reason of any act done, conceived in or omitted in the conduct of the Company&#8217;s business or in the discharge of his duties except in respect of fraud or dishonesty. In addition, each indemnitee shall be
      indemnified out of the assets of the Company 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.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under our bye-laws, we and our shareholders have agreed to waive any claim or right of action we or they may have at any time against any indemnitee on account of any action
      taken by such indemnitee or the failure of such indemnitee to take any action in the performance of his duties with or for the Company with the exception of any claims or rights of action arising out of fraud or actions to recover any gain, personal
      profit or advantage to which such indemnitee is not legally entitled.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Board of Directors may, at its discretion, purchase and maintain insurance for, among other persons, any indemnitee or any persons who are or were at the time directors,
      officers or employees of the Company, or of any other company in which the Company has a direct or indirect interest that is allied or associated with the Company, or of any subsidiary undertaking of the Company or such other company, against
      liability incurred by such persons in respect of any act or omission in the actual or purported execution or discharge of their duties or in the exercise or purported exercise of their powers or otherwise in relation to their duties, powers or
      offices in relation to the Company, subsidiary undertaking or any such other company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Memorandum of Association may be amended with the approval of a majority of votes cast in respect of our outstanding common shares represented in person or by proxy and our
      bye-laws may be amended by approval by not less than 75% of the votes cast in respect of our issued and outstanding common shares represented in person or by proxy.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Shareholder Rights Agreement</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On June 16, 2017, our Board declared a dividend of one preferred share purchase right, or a Right, for each outstanding common share and adopted a shareholder rights plan, as set
      forth in the Shareholders Rights Agreement dated as of June 16, 2017, or the Rights Agreement, by and between the Company and Computershare Trust Company, N.A., as rights agent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Board adopted the Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general terms, it works by imposing a significant penalty
      upon any person or group that acquires 15% or more of our outstanding common shares without the approval of the Board. If a shareholder&#8217;s beneficial ownership of our common shares as of the time of the public announcement of the rights plan and
      associated dividend declaration is at or above the applicable threshold, that shareholder&#8217;s then-existing ownership percentage would be grandfathered, but the rights would become exercisable if at any time after such announcement, the shareholder
      increases its ownership percentage by 1% or more.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Rights may have anti-takeover effects. The Rights will cause substantial dilution to any person or group that attempts to acquire us without the approval of our Board. As a
      result, the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire us. Because our Board can approve a redemption of the Rights for a permitted offer, the Rights should not interfere with a merger or other
      business combination approved by our Board.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">61</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For those interested in the specific terms of the Rights Agreement, we provide the following summary description. Please note, however, that this description is only a summary,
      and is not complete, and should be read together with the entire Rights Agreement, which is an exhibit to the Form 8-A filed by us on June 16, 2017 and incorporated herein by reference. The foregoing description of the Rights Agreement is qualified
      in its entirety by reference to such exhibit.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">The Rights</font>. The Rights trade with, and are inseparable from, our common shares. The Rights are evidenced only by certificates that
      represent our common shares. New Rights will accompany any new common shares of the Company issues after June 26, 2017 until the Distribution Date described below.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercise Price</font>. Each Right allows its holder to purchase from the Company one one-thousandth of a Series A Participating Preferred Share
      (a &#8220;Preferred Share&#8221;) for $30.00 (the &#8220;Exercise Price&#8221;), once the Rights become exercisable. This portion of a Preferred Share will give the shareholder approximately the same dividend, voting and liquidation rights as would one common share. Prior
      to exercise, the Right does not give its holder any dividend, voting, or liquidation rights.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercisability</font>. The Rights are not exercisable until ten days after the public announcement that a person or group has become an
      &#8220;Acquiring Person&#8221; by obtaining beneficial ownership of 15% or more of our outstanding common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Certain synthetic interests in securities created by derivative positions, whether or not such interests are considered to be ownership of the underlying common shares or are
      reportable for purposes of Regulation 13D of the Securities Exchange Act of 1934, as amended, are treated as beneficial ownership of the number of our common shares equivalent to the economic exposure created by the derivative position, to the extent
      our actual common shares are directly or indirectly held by counterparties to the derivatives contracts. Swaps dealers unassociated with any control intent or intent to evade the purposes of the Rights Agreement are exempt from such imputed
      beneficial ownership.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For persons who, prior to the time of public announcement of the Rights Agreement, beneficially own 15% or more of our outstanding common shares, the Rights Agreement
      &#8220;grandfathers&#8221; their current level of ownership, so long as they do not purchase additional shares in excess of certain limitations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The date when the Rights become exercisable is the &#8220;Distribution Date.&#8221; Until that date, our common share certificates (or, in the case of uncertificated shares, by notations in
      the book-entry account system) will also evidence the Rights, and any transfer of our common shares will constitute a transfer of Rights. After that date, the Rights will separate from our common shares and will be evidenced by book-entry credits or
      by Rights certificates that the Company will mail to all eligible holders of our common shares. Any Rights held by an Acquiring Person are null and void and may not be exercised.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><u>Preferred Share Provisions</u></div>
    <div style="text-align: justify; margin-bottom: 12pt;">Each one one-thousandth of a Preferred Share, if issued, will, among other things:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z720f3f22e0834217bb063703790c7b10">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>not be redeemable;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c767fe58b8e411fa55f29d73617eb6c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>entitle holders to quarterly dividend payments in an amount per share equal to the aggregate per share amount of all cash dividends, and the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions
                  other than a dividend payable in our common shares or a subdivision of our outstanding common shares (by reclassification or otherwise), declared on our common shares since the immediately preceding quarterly dividend payment date; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">62</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ca53dd922084f1f972001c958d84258">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>entitle holders to one vote on all matters submitted to a vote of the shareholders of the Company.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The value of one one-thousandth interest in a Preferred Share should approximate the value of one common share.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><u>Consequences of a Person or Group Becoming an Acquiring Person.</u></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za95f24b3652d4bfb8fbcd59cc85c183e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-style: italic;">Flip In</font>. If an Acquiring Person obtains beneficial ownership of 15% or more of our common shares, then each Right will entitle the holder thereof to purchase, for the Exercise Price, a number of
                  our common shares (or, in certain circumstances, cash, property or other securities of the Company) having a then-current market value of twice the Exercise Price. However, the Rights are not exercisable following the occurrence of the
                  foregoing event until such time as the Rights are no longer redeemable by the Company, as further described below.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Following the occurrence of an event set forth in preceding paragraph, all Rights that are or were, under certain circumstances specified in the Rights Agreement, beneficially owned by an Acquiring
      Person or certain of its transferees will be null and void.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2dea22745d4e46dfafe937c71b0d8d4f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-style: italic;">Flip Over</font>. If, after an Acquiring Person obtains 15% or more of our common shares, (i) the Company merges into another entity; (ii) an acquiring entity merges into the Company; or (iii) the
                  Company sells</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">or transfers 50% or more of its assets, cash flow or earning power, then each Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to
      purchase, for the Exercise Price, a number of our common shares of the person engaging in the transaction having a then-current market value of twice the Exercise Price.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb704c3f92a6a42278c973565c6937194">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-style: italic;">Notional Shares</font>. Shares held by affiliates and associates of an Acquiring Person, including certain entities in which the Acquiring Person beneficially owns a majority of the equity securities,
                  and Notional Common Shares (as defined in the Rights Agreement) held by counterparties to a Derivatives Contract (as defined in the Rights Agreement) with an Acquiring Person, will be deemed to be beneficially owned by the Acquiring
                  Person.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Redemption</font>. The Board may redeem the Rights for $0.01 per Right at any time before any person or group becomes an Acquiring Person. If
      the Board redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of the Rights will be to receive the redemption price of $0.01 per Right. The redemption price will be adjusted if the Company
      has a stock dividend or a stock split.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exchange</font>. After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of our outstanding common
      shares, the Board may extinguish the Rights by exchanging one common share or an equivalent security for each Right, other than Rights held by the Acquiring Person. In certain circumstances, the Company may elect to exchange the Rights for cash or
      other securities of the Company having a value approximately equal to one common share.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Expiration</font>. The Rights expire on the earliest of (i) June 16, 2027; or (ii) the redemption or exchange of the Rights as described above.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Anti-Dilution Provision</font>s. The Board may adjust the purchase price of the Preferred Shares, the number of Preferred Shares issuable and
      the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, or a reclassification of the Preferred Shares or our common shares. No adjustments to the Exercise Price of less than 1% will be made.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Amendments</font>. The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the
      Rights on or prior to the Distribution Date. Thereafter, the terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights, with certain exceptions, in order to (i) cure any ambiguities; (ii) correct or
      supplement any provision contained in the Rights Agreement that may be defective or inconsistent with any other provision therein; (iii) shorten or lengthen any time period pursuant to the Rights Agreement; or (iv) make changes that do not adversely
      affect the interests of holders of the Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person).</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">63</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Taxes</font>. The distribution of Rights should not be taxable for federal income tax purposes. However, following an event that renders the
      Rights exercisable or upon redemption of the Rights, shareholders may recognize taxable income.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Dividend Reinvestment and Direct Stock Purchase Plan</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">On November 6, 2013, a registration statement on Form F-3 was declared effective by the SEC relating to the Dividend Reinvestment Plan for 1,664,450 common shares to allow existing shareholders to
      purchase additional common shares by reinvesting all or a portion of the dividends paid on their common shares. As at December 31, 2019, no new shares were issued pursuant to the plan.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Listing</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our common shares are listed on the NYSE under the symbol &#8220;NAT.&#8221;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Transfer Agent</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The registrar and transfer agent for our common shares is Computershare Trust Company, N.A.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze8ae5a47ea434cae8a78662c759c5d59">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">C.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Material Contracts</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">For a description of our 2019 Senior Secured Credit Facility, which the Company entered into on February 12, 2019, please see Item 5. Operating and Financial Review and Prospectus B. Liquidity and
      Capital Resources - Our Borrowing Activities.&#8221;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdfbaa95d2ceb42249971c79a0f716815">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">D.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Exchange Controls</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company has been designated as a non-resident of Bermuda for exchange control purposes by the Bermuda Monetary Authority, whose permission for the issue of its common shares
      was obtained prior to the offering thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company&#8217;s common shares are currently listed on an appointed stock exchange. For so long as the Company&#8217;s shares are listed on an appointed stock exchange the transfer of
      shares between persons regarded as resident outside Bermuda for exchange control purposes and the issuance of common shares to or by such persons may be effected without specific consent under the Bermuda Exchange Control Act of 1972 and regulations
      made thereunder. Issues and transfers of common shares between any person regarded as resident in Bermuda and any person regarded as non-resident for exchange control purposes require specific prior approval under the Bermuda Exchange Control Act
      1972 unless such common shares are listed on an appointed stock exchange.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subject to the foregoing, there are no limitations on the rights of owners of shares in the Company to hold or vote their shares. Because the Company has been designated as
      non-resident for Bermuda exchange control purposes, there are no restrictions on its ability to transfer funds in and out of Bermuda or to pay&#160;&#160; to United States residents who are holders of common shares, other than in respect of local Bermuda
      currency.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In accordance with Bermuda law, share certificates may be issued only in the names of those with legal capacity. In the case of an applicant acting in a special capacity (for
      example, as an executor or trustee), certificates may, at the request of the applicant, record the capacity in which the applicant is acting. Notwithstanding the recording of any such special capacity, the Company is not bound to investigate or incur
      any responsibility in respect of the proper administration of any such estate or trust.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">64</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company will take no notice of any trust applicable to any of its shares or other securities whether or not it had notice of such trust.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">As an &#8220;exempted company,&#8221; the Company is exempt from Bermuda laws which restrict the percentage of share capital that may be held by non-Bermudians, but as an exempted company, the Company may not
      participate in certain business transactions including: (i) the acquisition or holding of land in Bermuda except for land required for its business by way of lease for a term not exceeding 50 years or otherwise, with the express authorization of the
      Ministers of Finance of Bermuda, land by way of lease for a term not exceeding 21 years in order to provide accommodation or recreational facilities for its officers and employees; (ii) the taking of mortgages on land in Bermuda to secure an amount
      in excess of $50,000 without the consent of the Minister of Finance of Bermuda; (iii) the acquisition of securities created or issued by, or any interest in, any local company or business, other than certain types of Bermuda government securities or
      securities of another &#8220;exempted company, exempted partnership or other corporation or partnership resident in Bermuda but incorporated abroad&#8221;; or (iv) the carrying on of business of any kind in Bermuda, except in so far as may be necessary for the
      carrying on of its business outside Bermuda or under a license granted by the Minister of Finance of Bermuda.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">The Bermuda government actively encourages foreign investment in &#8220;exempted&#8221; entities like the Company that are based in Bermuda but do not operate in competition with local business. In addition to
      having no restrictions on the degree of foreign ownership, the Company is subject neither to taxes on its income or dividends nor to any exchange controls in Bermuda other than outlined above. In addition, there is no capital gains tax in Bermuda,
      and profits can be accumulated by the Company, as required, without limitation.</div>
    <div style="margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">E.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Taxation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Bermuda Tax Considerations</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under current Bermuda law, there are no taxes on profits, income or dividends nor is there any capital gains tax.&#160; Furthermore, the Company has received from the Minister of
      Finance of Bermuda under the Exempted Undertakings Tax Protection Act of 1966, as amended, an undertaking that, in the event that Bermuda enacts any legislation imposing tax computed on profits or income, or computed on any capital asset, gain or
      appreciation, or any tax in the nature of estate duty or inheritance tax, then the imposition of any such tax shall not be applicable to the Company or to any of its operations, or the common shares, debentures or other obligations of the Company,
      until March 31, 2035.&#160; This undertaking does not, however, prevent the imposition of any such tax or duty on such persons as are ordinarily resident in Bermuda and holding such shares, debentures or obligations of the Company or of property taxes on
      Company-owned real property or leasehold interests in Bermuda.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The United States does not have a comprehensive income tax treaty with Bermuda. However, Bermuda has legislation in place (<font style="font-style: italic;">U.S.A. &#8211; Bermuda Tax
        Convention Act 1986</font>) which authorizes the enforcement of certain obligations of Bermuda pursuant to the <font style="font-style: italic;">Convention Between The Government Of The United Kingdom of Great Britain And Northern Ireland (On
        Behalf Of The Government Of Bermuda) And The Government Of The United States Of America Relating To The Taxation Of Insurance Enterprises And Mutual Assistance In Tax Matters </font>entered into on 11 July 1986<font style="font-style: italic;">&#160;</font>(the



      &#8220;Convention&#8221;). Article 5 of the Convention states that the U.S.A. and Bermuda &#8220;shall provide assistance as appropriate in carrying out the laws of the respective covered jurisdictions (Bermuda and U.S.A.) relating to the prevention of tax fraud and
      the evasion of taxes. In addition, the competent authorities shall, through consultations, develop appropriate conditions, method, and techniques for providing, and shall thereafter provide, assistance as appropriate in carrying out the fiscal laws
      of the respective covered jurisdictions other than those relating to tax fraud and the evasion of taxes.&#8221;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">United States Federal Income Tax Considerations</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following discussion is a summary of the material United States federal income tax considerations relevant to the Company and to a United States Holder and Non-United States
      Holder (each defined below) of our common shares.&#160; This discussion is based on advice received by us from Seward &amp; Kissel LLP, our United States counsel.&#160; This discussion does not purport to deal with the tax consequences of owning common shares
      to all categories of investors, some of which (such as dealers in securities or currencies, investors whose functional currency is not the United States dollar, financial institutions, regulated investment companies, real estate investment trusts,
      tax-exempt organizations, insurance companies, persons holding our common shares as part of a hedging, integrated, conversion or constructive sale transaction or a straddle, persons liable for alternative minimum tax, 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 who are investors in pass-through entities) may
      be subject to special rules. This discussion only applies to shareholders who (i) own our common shares as a capital asset and (ii) own less than 10%, actually or constructively, of our common shares. Shareholders are encouraged to consult their own
      tax advisors with respect to the specific tax consequences to them of purchasing, holding or disposing of common shares.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">65</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">United States Federal Income Taxation of the Company</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">Operating Income: In General</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless exempt from United States federal income taxation under section 883 of the United Stated Internal Revenue Code of 1986, as amended, or the Code, a foreign corporation is
      subject to United States federal income taxation in the manner described below in respect of any income that is derived from the use of vessels, from the hiring or leasing of vessels for use on a time, voyage or bareboat charter basis, or from the
      performance of services directly related to such use, which we refer to as Shipping Income, to the extent that such Shipping Income is derived from sources within the United States, which we refer to as United States-Source Shipping Income.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Shipping Income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States will be considered to be 50% derived from
      sources within the United States. Shipping Income that is attributable to transportation that both begins and ends in the United States will be considered to be 100% derived from sources within the United States.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Shipping Income that is attributable to transportation exclusively between non-United States ports will be considered to be 100% derived from sources outside the United States.
      Shipping Income derived from sources outside the United States will not be subject to United States federal income tax.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our vessels will be operated in various parts of the world and, in part, are expected to be involved in transportation of cargoes that begins or ends, but that does not both
      begin and end, in United States ports. Accordingly, it is not expected that we will engage in transportation that gives rise to 100% United States-Source Shipping Income.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">Exemption of Operating Income from United States Federal Income Taxation</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Pursuant to section 883 of the Code, we will be exempt from United States federal income taxation on our United States-Source Shipping Income if (i) we are organized in a foreign
      country that grants an equivalent exemption from income taxation to corporations organized in the United States, which we refer to as the Country of Organization Requirement, and (ii) either (A) more than 50% of the value of our common shares is
      owned, directly or indirectly, by individuals who are &#8220;residents&#8221; of such country or of another foreign country that grants an equivalent exemption to corporations organized in the United States, which we refer to as the 50% Ownership Test, or (B)
      our common shares are &#8220;primarily and regularly traded on an established securities market&#8221; in such country, in another country that grants an equivalent exemption to United States corporations, or in the United States, which we refer to as the
      Publicly-Traded Test.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Bermuda, the country in which we are incorporated, grants an equivalent exemption to United States corporations. Therefore, we will satisfy the Country of Organization
      Requirement and will be exempt from United States federal income taxation with respect to our United States-Source Shipping Income if we satisfy either the 50% Ownership Test or the Publicly-Traded Test.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The regulations promulgated by the United States Department of the Treasury (the &#8220;Treasury Regulations&#8221;) under section 883 of the Code provide that stock of a foreign corporation
      will be considered to be &#8220;primarily traded&#8221; on an established securities market in a country if the number of shares of each class of stock that is traded during any taxable year on all established securities markets in that country exceeds the
      number of shares in each such class that is traded during that year on established securities markets in any other single country.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">66</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Publicly-Traded Test also requires our common shares be &#8220;regularly traded&#8221; on an established securities market.&#160; Under the Treasury Regulations, our common shares are
      considered to be &#8220;regularly traded&#8221; on an established securities market if shares representing more than 50% of our outstanding common shares, by both total combined voting power of all classes of stock entitled to vote and total value, are listed on
      the market, referred to as the &#8220;Listing Threshold.&#8221; The Treasury Regulations further require that with respect to each class of stock relied upon to meet the listing threshold, (i) such class of stock is traded on the market, other than in minimal
      quantities, on at least 60 days during the taxable year or 1/6 of the days in a short taxable year, which is referred to as the Trading Frequency Test; and (ii) the aggregate number of shares of such class of stock traded on such market during the
      taxable year is at least 10% of the average number of shares of such class of stock outstanding during such year (as appropriately adjusted in the case of a short taxable year), which is referred to as the Trading Volume Test.&#160; Even if we do not
      satisfy both the Trading Frequency and Trading Volume Tests, the Treasury Regulations provide that the Tests will be deemed satisfied if our common shares are traded on an established securities market in the United States and such stock is regularly
      quoted by dealers making a market in our common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We believe that we satisfied the Publicly-Traded Test for our 2019 taxable year since, on more than half the days of the taxable year, we believe the Company&#8217;s common shares were
      primarily and regularly traded on an established securities market in the United States, namely the NYSE.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Notwithstanding the foregoing, we will not satisfy the Publicly-Traded Test if 50% or more of the vote and value of our common shares is owned (or is treated as owned under
      certain stock ownership attribution rules) by persons each of whom owns (or is treated as owning under certain stock ownership attribution rules) 5% or more of the value of our common shares, or 5% Shareholders, for more than half the days during the
      taxable year, to which we refer to as the 5% Override Rule.&#160;&#160; In the event the 5% Override Rule is triggered, the 5% Override Rule will nevertheless not apply if we can establish that among the closely-held group of 5% Shareholders, there are
      sufficient 5% Shareholders that are considered to be &#8220;qualified shareholders&#8221; for purposes of section 883 of the Code to preclude non-qualified 5% Shareholders in the closely-held group from owning 50% or more of our common shares for more than half
      the number of days during the taxable year.&#160; In order to determine the persons who are 5% Shareholders, we are permitted to rely on those persons that are identified on Schedule 13G and Schedule 13D filings with the SEC as having a 5% or more
      beneficial interest in our common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We are not aware of any facts which would indicate that 50% or more of our common shares were actually or constructively owned by 5% Shareholders during our 2019 taxable year.&#160;
      Accordingly, we expect that our common shares will be considered to be &#8220;primarily and regularly traded on an established securities market&#8221; and that we will, therefore, qualify for the exemption under section 883 of the Code for our 2019 taxable
      year.&#160; However, because of the factual nature of the issues relating to this determination, no assurance can be given that we will qualify for the exemption in any future taxable year. For example, if 5% Shareholders owned 50% or more of our common
      shares, then we would have to satisfy certain requirements regarding the identity and residence of our 5% Shareholders. These requirements are onerous and there is no assurance that we could satisfy them.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">United States Federal Income Taxation of Gain on Sale of Vessels</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Regardless of whether we qualify for exemption under section 883 of the Code, we will generally not be subject to United States federal income taxation with respect to gain
      realized on the sale of a vessel, provided the sale is considered to occur outside of the United States under United States federal income tax principles.&#160; In general, a sale of a vessel will be considered to occur outside of the United States for
      this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States.&#160; It is expected that any sale of a vessel by us will be considered to occur outside of the United States.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">4% Gross Basis Tax Regime</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">To the extent that the benefits of section 883 of the Code are unavailable with respect to any item of United States-Source Shipping Income, such Shipping Income that is
      considered not to be &#8220;effectively connected&#8221; with the conduct of a trade or business in the United States, as discussed below, would be subject to a 4% tax imposed by section 887 of the Code on a gross basis, without benefit of deductions, which we
      refer to as the 4% Gross Basis Tax Regime. Since under the sourcing rules described above, no more than 50% of our Shipping Income would be derived from United States sources, the maximum effective rate of United States federal income tax on our
      gross Shipping Income would never exceed 2% under the 4% Gross Basis Tax Regime.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">67</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">Net Basis and Branch Profits Tax Regime</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">To the extent that the benefits of the exemption under section 883 of the Code are unavailable and our United States-Source Shipping Income is considered to be &#8220;effectively
      connected&#8221; with the conduct of a United States trade or business, as described below, any such &#8220;effectively connected&#8221; United States-Source Shipping Income, net of applicable deductions, would be subject to the United States federal income tax
      imposed at corporate rate of 21% under present law. In addition, we may be subject to the 30% &#8220;branch profits&#8221; taxes on earnings effectively connected with the conduct of such trade or business, as determined after allowance for certain adjustments,
      and on certain interest paid or deemed paid attributable to the conduct of the United States trade or business.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our United States-Source Shipping Income would be considered &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business only if (i) we have, or are considered to have,
      a fixed place of business in the United States involved in the earning of Shipping Income and (ii) substantially all of our United States-Source Shipping Income is attributable to regularly scheduled transportation, such as the operation of a vessel
      that followed a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States, or, in the case of income from the chartering of a vessel, is attributable to a fixed place of
      business in the United States.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We do not intend to have a fixed place of business in the United States involved in the earning of Shipping Income. Based on the foregoing and on the expected mode of our
      shipping operations and other activities, we believe that none of our United States-Source Shipping Income will be &#8220;effectively connected&#8221; with the conduct of a United States trade or business.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">United States Federal Income Taxation of United States Holders</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As used herein, the term &#8220;United States Holder&#8221; means, for United States federal income tax purposes, a beneficial owner of common shares who is (A) an individual citizen or
      resident of the United States, (B) a corporation (or other entity treated as a corporation) created or organized in or under the laws of the United States or of any state or the District of Columbia, (C) an estate the income of which is includible in
      gross income for United States federal income tax purposes regardless of its source, or (D) a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons
      have the authority to control all substantial decisions of the trust.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If a partnership holds our common shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the
      partnership. If you are a partner in a partnership holding our common shares, you are urged to consult your tax advisors.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">Distributions</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subject to the discussion below of passive foreign investment companies, or PFICs, any distributions made by us with respect to our common shares to a United States Holder will
      generally constitute dividends, which may be taxable as ordinary income or &#8220;qualified dividend income,&#8221; as described in more detail below, to the extent of our current or accumulated earnings and profits, as determined under United States federal
      income tax principles. Distributions in excess of our earnings and profits will be treated first as a non-taxable return of capital to the extent of the United States Holder&#8217;s tax basis in his common shares on a dollar-for-dollar basis and thereafter
      as capital gain. Because we are not a United States corporation, United States Holders that are corporations will generally not be entitled to claim a dividends received deduction with respect to any distributions they receive from us. Dividends paid
      with respect to our common shares will generally be treated as &#8220;passive category income&#8221; or, in the case of certain types of United States Holders, &#8220;general category income&#8221; for purposes of computing allowable foreign tax credits for United States
      foreign tax credit purposes.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">68</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Dividends paid on our common shares to a United States Holder who is an individual, trust or estate, or a United States Individual Holder, will generally be treated as &#8220;qualified
      dividend income&#8221; that is taxable to such United States Individual Holders at preferential tax rates provided that (1) the common shares are readily tradable on an established securities market in the United States (such as the NYSE on which our
      common shares are traded); (2) we are not a PFIC for the taxable year during which the dividend is paid or the immediately preceding taxable year (as discussed below); (3) the United States Individual Holder has owned the common shares for more than
      60 days in the 121-day period beginning 60 days before the date on which the common shares become ex-dividend, and (4) the United States Individual Holder is not under an obligation (whether pursuant to a short sale or otherwise) to make payments
      with respect to positions in substantially similar or related property. There is no assurance that any dividends paid on our common shares will be eligible for these preferential rates in the hands of a United States Individual Holder. Any dividends
      paid by us which are not eligible for these preferential rates will be taxed as ordinary income to a United States Individual Holder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If we pay an &#8220;extraordinary dividend&#8221; on our common shares (generally, a dividend in an amount which is equal to or in excess of 10% of a shareholder&#8217;s adjusted tax basis (or
      fair market value in certain circumstances) in the common shares or dividends received within a one-year period that, in the aggregate, equal or exceed 20% of a shareholder&#8217;s adjusted tax basis (or fair market value upon the shareholder&#8217;s election))
      that is treated as &#8220;qualified dividend income,&#8221; then any loss derived by a United States Individual Holder from the sale or exchange of such common shares will be treated as long-term capital loss to the extent of such dividend.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">Sale, Exchange or other Disposition of Common Shares</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Assuming we do not constitute a PFIC for taxable years after 2004, a United States Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition
      of our common shares in an amount equal to the difference between the amount realized by the United States Holder from such sale, exchange or other disposition and the United States Holder&#8217;s tax basis in such common shares. Such gain or loss will be
      treated as long-term capital gain or loss if the United States Holder&#8217;s holding period is greater than one year at the time of the sale, exchange or other disposition. Such capital gain or loss will generally be treated as United States-source income
      or loss, as applicable, for United States foreign tax credit purposes. A United States Holder&#8217;s ability to deduct capital losses is subject to certain limitations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Special rules may apply to a United States Holder who purchased shares before 2005 and did not make a timely QEF election or a mark-to-market election (as discussed below).&#160; Such
      United States Holders are encouraged to consult their tax advisors regarding the United States federal income tax consequences to them of the disposal of our common shares.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">Passive Foreign Investment Company Considerations</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Special United States federal income tax rules apply to a United States Holder that holds shares in a foreign corporation classified as a PFIC for United States federal income
      tax purposes. In general, we will be treated as a PFIC with respect to a United States Holder if, for any taxable year in which such Holder held our common shares, either</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business), or</div>
              </td>
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        </table>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>at least 50% of the average value of the assets held by us during such taxable year produce, or are held for the production of, such passive income.</div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For purposes of determining whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of our
      subsidiary corporations in which we own at least 25% of the value of the subsidiary&#8217;s shares. Income earned, or deemed earned, by us in connection with the performance of services would not constitute passive income. By contrast, rental income would
      generally constitute passive income unless we were treated under specific rules as deriving our rental income in the active conduct of a trade or business.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">69</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For taxable years through 2004, we were a PFIC. However, based on our current operations and future projections, we do not believe that we have been, or will become, a PFIC with
      respect to our taxable years after 2004. Although there is no legal authority directly on point, and we are not relying upon an opinion of counsel on this issue, our belief is based principally on the position that, for purposes of determining
      whether we are a PFIC, the gross income we derive or are deemed to derive from our time chartering and voyage chartering activities should constitute services income, rather than rental income. Correspondingly, such income should not constitute
      passive income, and the assets that we own and operate or are deemed to own and operate in connection with the production of such income, in particular, the vessels, should not constitute passive assets for purposes of determining whether we are a
      PFIC. We believe there is substantial legal authority supporting our position consisting of case law and Internal Revenue Service, or IRS, pronouncements concerning the characterization of income derived from time charters and voyage charters as
      services income for other tax purposes. However, we note that there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes. In the absence of any legal authority specifically
      relating to the statutory provisions governing PFICs, the IRS or a court could disagree with our position. In addition, although we intend to conduct our affairs in a manner to avoid being classified as a PFIC, we cannot assure you that the nature of
      our operations will not change in the future.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As discussed more fully below, if we were to be treated as a PFIC for any taxable year which included a United States Holder&#8217;s holding period in our common shares, then such
      United States Holder would be subject to different United States federal income taxation rules depending on whether the United States Holder makes an election to treat us as a &#8220;qualified electing fund,&#8221; which election we refer to as a QEF Election.
      As an alternative to making a QEF election, a United States Holder should be able to make a &#8220;mark-to-market&#8221; election with respect to our common shares, as discussed below.&#160; In addition, if we were to be treated as a PFIC for a taxable year ending on
      or after December 31, 2013, a United States Holder of our common shares would be required to file an annual information return with the IRS for such year.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">United States Holders Making a Timely QEF Election</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Pass-Through of Ordinary Earnings and Net Capital Gain.</font> A United States Holder who makes a timely QEF Election with respect to our common
      shares, or an Electing Holder, would report for United States federal income tax purposes his pro rata share of our &#8220;ordinary earnings&#8221; (i.e., the net operating income determined under United States federal income tax principles) and our net capital
      gain, if any, for our taxable year that ends with or within the taxable year of the Electing Holder. Our &#8220;net capital gain&#8221; is any excess of any of our net long term capital gains over our net short term capital losses and is reported by the Electing
      Holder as long term capital gain. Our net operating losses or net capital losses would not pass through to the Electing Holder and will not offset our ordinary earnings or net capital gain reportable to Electing Holders in subsequent years (although
      such losses would ultimately reduce the gain, or increase the loss, if any, recognized by the Electing Holder on the sale of his common shares).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For purposes of calculating our ordinary earnings, the cost of each vessel is depreciated on a straight-line basis over the applicable recovery period for vessels. Any gain on
      the sale of a vessel would be treated as ordinary income, rather than capital gain, to the extent of such depreciation deductions with respect to such vessel.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In general, an Electing Holder would not be taxed twice on his share of our income. Thus, distributions received from us by an Electing Holder are excluded from the Electing
      Holder&#8217;s gross income to the extent of the Electing Holder&#8217;s prior inclusions of our ordinary earnings and net capital gain. The Electing Holder&#8217;s tax basis in his shares would be increased by any amount included in the Electing Holder&#8217;s income.
      Distributions received by an Electing Holder<font style="font-weight: bold;">, </font>which are not includible in income because they have been previously taxed, would decrease the Electing Holder&#8217;s tax basis in the common shares. Distributions, if
      any, in excess of such tax basis would be treated as capital gain (which gain will be treated as long-term capital gain if the Electing Holder held its common shares for more than one year at the time of distribution).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Disposition of Common Shares. </font>An Electing Holder would generally recognize capital gain or loss on the sale or exchange of common shares
      in an amount equal to the difference between the amount realized by the Electing Holder from such sale or exchange and the Electing Holder&#8217;s tax basis in the common shares. Such gain or loss would generally be treated as long-term capital gain or
      loss if the Electing Holder&#8217;s holding period in the common shares at the time of the sale or exchange is more than one year. A United States Holder&#8217;s ability to deduct capital losses may be limited.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">70</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Making a QEF Election. </font>A United States Holder makes a QEF Election for a taxable year by completing and filing IRS Form 8621 (Return by a
      Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund) in accordance with the instructions thereto. If we were aware that we were to be treated as a PFIC for any taxable year, we would provide each United States Holder with
      all necessary information in order to make the QEF Election described above.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">United States Holders Making a Timely Mark-to-Market Election</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Mark-to-Market Regime. </font>A United States Holder who does not make a QEF Election may make a &#8220;mark-to-market&#8221; election under section 1296 of
      the Code, provided that the common shares are regularly traded on a &#8220;qualified exchange.&#8221; The NYSE, on which the common shares are traded, is a &#8220;qualified exchange&#8221; for these purposes. A United States Holder who makes a timely mark-to-market election
      with respect to the common shares would include annually in the United States Holder&#8217;s income, as ordinary income, any excess of the fair market value of the common shares at the close of the taxable year over the United States Holder&#8217;s then adjusted
      tax basis in the common shares. The excess, if any, of the United States Holder&#8217;s adjusted tax basis at the close of the taxable year over the then fair market value of the common shares would be deductible in an amount equal to the lesser of the
      amount of the excess or the net mark-to-market gains that the United States Holder included in income in previous years with respect to the common shares. A United States Holder&#8217;s tax basis in his common shares would be adjusted to reflect any income
      or loss amount recognized pursuant to the mark-to-market election.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Disposition of Common Shares. </font>A United States Holder who makes a timely mark-to-market election would recognize ordinary income or loss
      on a sale, exchange or other disposition of the common shares in an amount equal to the difference between the amount realized by the United States Holder from such sale, exchange or other disposition and the United States Holder&#8217;s tax basis in the
      common shares; provided, however, that any ordinary loss on the sale, exchange or other disposition may not exceed the net mark-to-market gains that the United States Holder included in income in previous years with respect to the common shares. The
      amount of any loss in excess of such net mark-to market gains is treated as capital loss.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Making the Mark-to-Market Election. </font>A United States Holder makes a mark-to-market election for a taxable year by completing and filing
      IRS Form 8621 (Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund) in accordance with the instructions thereto.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">United States Holders Not Making a Timely QEF Election or Mark-to-Market Election</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A United States Holder who does not make a timely QEF Election or a timely mark-to-market election, which we refer to as a Non-Electing Holder, would be subject to special rules
      with respect to (i) any &#8220;excess distribution&#8221; (generally, the portion of any distributions received by the Non-Electing Holder on the common shares in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing
      Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder&#8217;s holding period for the common shares), and (ii) any gain realized on the sale or other disposition of common shares. Under these rules, (i) the excess distribution
      or gain would be allocated ratably over the Non-Electing Holder&#8217;s holding period for the common shares; (ii) the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, would be
      taxed as ordinary income; and (iii) the amount allocated to each of the other prior taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed
      tax deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. If a Non-Electing Holder dies while owning common shares, the Non-Electing Holder&#8217;s successor would be ineligible to receive a
      step-up in the tax basis of those common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Distributions received by a Non-Electing Holder that are not &#8220;excess distributions&#8221; would be includible in the gross income of the Non-Electing Holder as dividend income to the
      extent that such distributions are paid out of our current or accumulated earnings and profits as determined under United States federal income tax principles. Such dividends would not be eligible to be treated as &#8220;qualified dividend income&#8221; eligible
      for preferential tax rates. Distributions in excess of our current or accumulated earnings and profits would be treated first as a return of the United States Holder&#8217;s tax basis in the common shares (thereby increasing the amount of any gain or
      decreasing the amount of any loss realized on the subsequent sale or disposition of such common shares) and thereafter as capital gain.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">71</font></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">United States Holders Who Acquired Shares Before 2005</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We were a PFIC through the 2004 taxable year.&#160; Therefore, a United States Holder who acquired our common shares before 2005 may be subject to special rules with respect to our
      common shares.&#160; In particular, a United States Holder who did not make a timely QEF Election or a mark-to-market election may continue to be subject to the PFIC rules with respect to our common shares.&#160; Such United States Holders are encouraged to
      consult their tax advisors regarding the application of these rules as well as the availability of certain elections which may ameliorate the application of these rules.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">United States Federal Income Taxation of Non-United States Holders</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A beneficial owner of common shares (other than a partnership) that is not a United States Holder is referred to herein as a Non-United States Holder.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">Dividends on Common Shares</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Non-United States Holders generally will not be subject to United States federal income or withholding tax on dividends received from us with respect to our common shares, unless
      that income is effectively connected with the Non-United States Holder&#8217;s conduct of a trade or business in the United States. If the Non-United States Holder is entitled to the benefits of a United States income tax treaty with respect to those
      dividends, that income is taxable only if it is attributable to a permanent establishment maintained by the Non-United States Holder in the United States.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-style: italic;">Sale, Exchange or Other Disposition of Common Shares</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Non-United States Holders generally will not be subject to United States federal income or withholding tax on any gain realized upon the sale, exchange or other disposition of
      our common shares, unless:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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                <div>the gain is effectively connected with the Non-United States Holder&#8217;s conduct of a trade or business in the United States (and, if the Non-United States Holder is entitled to the benefits of a United States income tax treaty with
                  respect to that gain, that gain is attributable to a permanent establishment maintained by the Non-United States Holder in the United States); or</div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaccd5cb875be4a78b3da0c2781441862">

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                <div>the Non-United States Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met.</div>
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      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the Non-United States Holder is engaged in a United States trade or business for United States federal income tax purposes, the income from the common shares, including
      dividends and the gain from the sale, exchange or other disposition of the common shares, that is effectively connected with the conduct of that trade or business will generally be subject to regular United States federal income tax in the same
      manner as discussed in the previous section relating to the taxation of United States Holders. In addition, if you are a corporate Non-United States Holder, your earnings and profits that are attributable to the effectively connected income, subject
      to certain adjustments, may be subject to an additional branch profits tax at a rate of 30%, or at a lower rate as may be specified by an applicable United States income tax treaty.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Backup Withholding and Information Reporting</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In general, dividend payments, or other taxable distributions, made within the United States to you will be subject to information reporting requirements if you are a United
      States Individual Holder. Such payments may also be subject to backup withholding tax if you are a United States Individual Holder and you:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z897270678da74181b1b6ca10af89d6eb">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>fail to provide an accurate taxpayer identification number;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8eb8f114414f4bbe878159a89bb9f0ae">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>are notified by the IRS that you have failed to report all interest or dividends required to be shown on your United States federal income tax returns; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">72</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4b79daf58e834d66bfcbee3792d81c82">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in certain circumstances, fail to comply with applicable certification requirements.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Non-United States Holders may be required to establish their exemption from information reporting and backup withholding by certifying their status on an IRS Form W-8.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If you are a Non-United States Holder and you sell your common shares to or through a United States office of a broker, the payment of the proceeds is subject to both United
      States backup withholding and information reporting unless you certify that you are a non-United States person, under penalties of perjury, or you otherwise establish an exemption. If you are a Non-United States Holder and you sell your common shares
      through a non-United States office of a non-United States broker and the sales proceeds are paid to you outside the United States, then information reporting and backup withholding generally will not apply to that payment. However, information
      reporting requirements, but not backup withholding, will apply to a payment of sales proceeds, even if that payment is made to you outside the United States, if you sell your common shares through a non-United States office of a broker that is a
      United States person or has some other contacts with the United States. Such information reporting requirements will not apply, however, if the broker has documentary evidence in his records that you are a non-United States person and certain other
      conditions are met, or you otherwise establish an exemption.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Backup withholding is not an additional tax. Rather, you generally may obtain a refund of any amounts withheld under backup withholding rules that exceed your United States
      federal income tax liability by filing a refund claim with the IRS.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Individuals who are United States Holders (and to the extent specified in applicable Treasury regulations, certain individuals who are Non-United States Holders and certain
      United States entities) who hold &#8220;specified foreign financial assets&#8221; (as defined in Section 6038D of the Code) are required to file IRS Form 8938 with information relating to the asset for each taxable year in which the aggregate value of all such
      assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury regulations).&#160; Specified foreign financial assets would include, among other
      assets, our common shares, unless the shares are held through an account maintained with a United States financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to
      reasonable cause and not due to willful neglect. Additionally, in the event an individual United States Holder (and to the extent specified in applicable Treasury regulations, an individual Non-United States Holder or a United States entity) that is
      required to file IRS Form 8938 does not file such form, the statute of limitations on the assessment and collection of United States federal income taxes of such holder for the related tax year may not close until three years after the date that the
      required information is filed.&#160; United States Holders (including United States entities) and Non- United States Holders are encouraged consult their own tax advisors regarding their reporting obligations under this legislation.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In addition to the tax consequences discussed above, we may be subject to tax in one or more other jurisdictions where we conduct activities. The amount of any such tax imposed
      upon our operations may be material.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The above-mentioned tax considerations does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase, own or
      dispose of the shares. Shareholders who wish to clarify their own tax situation should consult and rely upon their own tax advisors.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Other Tax Considerations</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In addition to the tax consequences discussed above, we may be subject to tax in one or more other jurisdictions where we conduct activities. The amount of any such tax imposed
      upon our operations may be material.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z072aa9cbb8814fe2892ca81706eac740">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">F.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Dividends and Paying Agents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z24a0b76859dc41b2bfc03a91b98c04f8">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">G.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Statement by Experts</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">73</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeba83c0bd62d4102875bb418521daf70">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">H.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Documents on Display</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended. In accordance with these requirements we file reports and other information
      with the SEC. These materials, including this annual report and the accompanying exhibits may be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, NE, Room 1580, Washington, D.C. 20549.&#160; The SEC maintains
      a website (http://www.sec.gov) that contains reports, proxy and information statements and other information that we and other registrants have filed electronically with the SEC. Our filings are also available on our website at www.nat.bm. This web
      address is provided as an inactive textual reference only. Information contained on our website does not constitute part of this annual report.</div>
    <div style="margin-bottom: 12pt;">Shareholders may also request a copy of our filings at no cost, by writing or telephoning us at the following address:</div>
    <div style="text-align: center;">Nordic American Tankers Limited</div>
    <div style="text-align: center;">LOM Building</div>
    <div style="text-align: center;">27 Reid Street</div>
    <div style="text-align: center;">Hamilton, HM11, Bermuda.</div>
    <div style="text-align: center;">Tel: +1 441 292 7202</div>
    <div style="text-align: center; margin-bottom: 12pt;">Fax: +1 441 292 3266</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0af288efdee64e97bd32c27ee4ab1435">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">I.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Subsidiary Information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbaa069a227ea42048558b60b208a1741">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 11.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company is exposed to market risk from changes in interest rates related to the variable rate of the Company&#8217;s borrowings under our Credit Facility.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Amounts borrowed under the Credit Facility bear interest at a rate equal to LIBOR plus a margin.&#160; Increasing interest rates could affect our future profitability. In certain
      situations, the Company may enter into financial instruments to reduce the risk associated with fluctuations in interest rates.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">A 100 basis point increase in LIBOR would have resulted in an increase of approximately $4.4 million in our interest expense for the year ended December 31, 2019.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company is exposed to the spot market. Historically, the tanker markets have been volatile as a result of the many conditions and factors that can affect the price, supply
      and demand for tanker capacity. Changes in demand for transportation of oil over longer distances and supply of tankers to carry that oil may materially affect our revenues, profitability and cash flows. All of our vessels are currently operated in
      the spot market through a cooperative arrangement.&#160; We believe that over time, spot employment generates premium earnings compared to longer-term employment.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We estimate that during 2019, a $1,000 per day per vessel decrease in the spot market rate would have decreased our voyage revenue by approximately $8.4 million.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10034fe8794b45139e1bdd11525c4310">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 12.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PART II</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf10b1f3f966143dc9eec40195bc8ff03">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 13.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">74</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05ec9dbefe8a4e69b5628979a2d54beb">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 14.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z765389e85fda4c32b63deca95fdc2cd1">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 15.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">CONTROLS AND PROCEDURES</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79ec126c4dd345659855e66953b1c8c4">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">A.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Disclosure Controls and Procedures.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Pursuant to Rules 13a-15(e) of the Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-weight: bold;">Exchange</font> Act&#8221;), the Company&#8217;s management, under the
      supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company&#8217;s disclosure controls and procedures as of December 31, 2019. Disclosure
      controls and procedures are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act is recorded, processed, summarized and reported, within the time periods specified in the U.S
      Securities and Exchange Commission&#8217;s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or
      submits under the Act is accumulated and communicated to the issuer&#8217;s management, including its chief executive and chief financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required
      disclosure. Based on this evaluation, management has concluded that our disclosure controls and procedures were effective as of December 31, 2019.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z58e3919667c546e987a5976a1e4c4d3c">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">B.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Management&#8217;s annual report on internal control over financial reporting.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our internal control system is designed to provide reasonable assurance to the Company&#8217;s management and Board of Directors regarding the reliability of financial reporting and
      the preparation of published financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Our system of internal control over financial reporting includes those policies and procedures that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z832321857fb7481b9e4fe59f3a55d683">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0371243fd1c94d9782265c15f447bf2c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that our receipts
                  and expenditures are being made only in accordance with authorization of our management and directors; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze407ef2828444dabbd6cdeba2167a981">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the consolidated financial statements.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. All internal control systems, no matter how well
      designed and operated, can only provide reasonable, not absolute, assurance that the objectives of the control system will be met. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to
      financial statement preparation and presentation. Additionally, any projections of any evaluations of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or deterioration in the
      degree of compliance with our policies and procedures.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our management, including the Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of our internal control over financial reporting as at December
      31, 2019, based on the framework established in Internal Control &#8211; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;COSO&#8221;). Based on this evaluation, management has concluded that our
      internal control over financial reporting was effective as of December 31, 2019.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">75</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd89ed002909b4731aa8d8b1dbc5d4a03">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">C.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Attestation report of the registered public accounting firm.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The effectiveness of our internal control over financial reporting as of December 31, 2019 has been audited by KPMG AS, an independent registered public accounting firm, as
      stated in their report that appears herein.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z658864f2555347c18c26c61c3bf199bd">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">D.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Changes in internal control over financial reporting.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">There have been no other changes in internal controls over financial reporting that occurred during the year covered by this Annual Report, that have materially affected, or are
      reasonably likely to materially affect, the Company&#8217;s internal controls over financial reporting.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3cea10c681ef44d0ac5d3996f5617193">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 16.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">RESERVED</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z894f41da28cc456588eeb8c2fd2384a3">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 16A.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">AUDIT COMMITTEE FINANCIAL EXPERT</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Board of Directors has determined that Mr. Kelly, who serves as Chairman of the Audit Committee, qualifies as an &#8220;audit committee financial expert&#8221; under SEC rules, and that
      Mr. Kelly is &#8220;independent&#8221; under applicable NYSE rules and SEC standards.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7d6dd096e4f44546a4f1813ecfc61adc">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 16B.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">CODE OF ETHICS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Company has adopted a code of ethics that applies to all of the Company&#8217;s employees, including our chief executive officer, chief financial officer, principal accounting
      officer or controller.&#160; The code of ethics may be downloaded at our website (www.nat.bm).&#160; Additionally, any person, upon request, may ask for a hard copy or an electronic file of the code of ethics.&#160; If we make any substantive amendment to the code
      of ethics or grant any waivers, including any implicit waiver, from a provision of our code of ethics, we will disclose the nature of that amendment or waiver on our website.&#160; During the year ended December 31, 2019, no such amendment was made or
      waiver granted.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf023575313cf4375a2835c60b8a6cb6a">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 16C.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">PRINCIPAL ACCOUNTANT FEES AND SERVICES</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd5c0d5400f3e4753b7da10702dd0cdd9">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">A.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Audit Fees</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Board of Directors has established preapproval and procedures for the engagement of the Company&#8217;s independent public accounting firms for all audit and non-audit services.
      The following table sets forth, for the two most recent fiscal years, the aggregate fees billed for professional services rendered by our principal accountant, KPMG AS, for the fiscal years ended December 31, 2019 and 2018, respectively, for the
      audit of the Company&#8217;s annual financial statements and services provided by the principal accountant in connection with statutory and regulatory filings or engagements for the years ended December 31, 2019 and 2018.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="za7af4d959a434b87af8f1346706ca122">

        <tr>
          <td style="width: 85.9%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>FISCAL YEAR ENDED DECEMBER 31, 2019</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.2%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td style="width: 10.5%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">853,439</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 85.9%; vertical-align: bottom;">
            <div>FISCAL YEAR ENDED DECEMBER 31, 2018</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.2%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 10.5%; vertical-align: bottom;">
            <div style="text-align: right;">901,429</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze273b5fc4c2248a79f7d7fe17b986701">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">B.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Audit-Related Fees</div>
              </td>
            </tr>

        </table>
      </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;" id="z52546402849042ddaf1fb553774b0fa0">

        <tr>
          <td style="width: 86.24%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>FISCAL YEAR ENDED DECEMBER 31, 2019</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.2%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td style="width: 10.16%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">0</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 86.24%; vertical-align: bottom;">
            <div>FISCAL YEAR ENDED DECEMBER 31, 2018</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.2%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 10.16%; vertical-align: bottom;">
            <div style="text-align: right;">0</div>
          </td>
          <td style="width: 1.24%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10bc8b147ca8424a8f82ed5bc3a71853">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">C.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Tax Fees</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcf30667634c84564a13a27a41fdcb1f5">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">D.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">All Other Fees</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">76</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%77%%%-->
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d699f7486d84d69896a6aec8672acf4">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">E.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Audit Committee&#8217;s Pre-Approval Policies and Procedures</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our audit committee pre-approves all audit, audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to
      the engagement of the independent auditor with respect to such services.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7b8628855c64a76bd7151984da38396">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">F.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Not applicable.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze38d447ed8e04aeb9f6f3d6807506133">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 16D.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za6332e86d854457a8e71eb0de66137a4">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 16E.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PERSONS.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9f40f95d7bd54e779a5fc83afd78d55b">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 16F.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">CHANGE IN REGISTRANT`S CERTIFYING ACCOUNTANT.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d4c141f801e462e9aa732bcf7ce5088">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 16G.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">CORPORATE GOVERNANCE</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Pursuant to an exception for foreign private issuers, we, as a Bermuda company, are not required to comply with the corporate governance practices followed by U.S. companies
      under the NYSE listing standards (which are available at www.nyse.com) because in certain cases we follow our home country (Bermuda) practice. We believe that our established practices in the area of corporate governance are in line with the spirit
      of the NYSE standards and provide adequate protection to our shareholders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">There are four significant differences between our corporate governance practices and the NYSE standards applicable to listed U.S. companies. The NYSE requires that
      non-management directors meet regularly in executive sessions without management. The NYSE also requires that all independent directors meet in an executive session at least once a year. As permitted under Bermuda law and our bye-laws, our
      non-management directors do not regularly hold executive sessions without management and we do not expect them to do so in the future. The NYSE requires that a listed U.S. company have a nominating/corporate governance committee of independent
      directors and a committee charter specifying the purpose, duties and evaluation procedures of the committee. As permitted under Bermuda law and our bye-laws, we do not currently have a nominating or corporate governance committee. The NYSE requires,
      among other things, that a listed U.S. company have an audit committee with a minimum of three members, all of whom are independent. As permitted by Rule 10A-3 under the Securities Exchange Act of 1934, our audit committee consists of two independent
      members of our Board of Directors. The NYSE requires U.S. companies to adopt and disclose corporate governance guidelines. The guidelines must address, among other things: director qualification standards, director responsibilities, director access
      to management and independent advisers, director compensation, director orientation and continuing education, management succession and an annual performance evaluation. We are not required to adopt such guidelines under Bermuda law and we have not
      adopted such guidelines</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8bd10006456944af8f3b128701c2a8ba">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 16H.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">MINE SAFETY DISCLOSURE</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">Not applicable.</div>
  </div>
  <div>
    <div></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">77</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <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: center; margin-bottom: 12pt; font-weight: bold;">PART III</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7c85e7937b14444998f3d4018d4d7855" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 17.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">FINANCIAL STATEMENTS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">See Item 18.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zea94c826ad91417bb1a4e8351a2971c8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 18.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">FINANCIAL STATEMENTS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">
      <div style="text-indent: 36pt; margin-bottom: 12pt;">The financial information required by this Item is set forth on pages F-1 to F-27 filed as part of this annual report.</div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zca9e7403af834096aff2cc103c39df47" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">ITEM 19.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">EXHIBITS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z507945123d6a449e99f2ad42cfa08ef4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">1.1</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957412002820/d1277738_ex1-1.htm">Memorandum of Association of the Company incorporated by reference to Exhibit 1.1 to the Company's annual report on
                Form 20-F filed with the Securities and Exchange Commission on April 17, 2012.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">1.2</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000119312512015564/d284168d6k.htm">By-Laws of the Company incorporated by reference to Form 6-K filed with the Securities and Exchange Commission on
                January 18, 2012.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">2.1</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957412002820/d1277738_ex2-1.htm">Form of Share Certificate incorporated by reference to Exhibit 2.1 to the Company's annual report on Form 20-F
                filed with the Securities and Exchange Commission on April 17, 2012.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">2.2</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957417004901/d7516210_6-k.htm">Shareholder Rights Agreement dated as of June 16, 2017 by and between the Company and Computershare Trust Company,
                N.A., as rights agent incorporated by reference to Form 6-K filed with the Securities and Exchange Commission on June 16, 2017.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">2.3</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8486806_ex2-3.htm">Description of Securities Registered Pursuant to Section 12 of the Securities
                Exchange Act of 1934</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">4.1</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957405002226/d583539_ex4-4.txt">Restated Management Agreement dated June 30, 2004, between Scandic American Shipping Ltd. and Nordic American Tanker
                Shipping Limited, incorporated by reference to Exhibit 4.4 to the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on June 30, 2005.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">4.2</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957405002226/d583539_ex4-4.txt">Amendment to Restated Management Agreement dated October 12, 2004, between Scandic American Shipping Ltd. and Nordic
                American Tanker Shipping Limited, incorporated by reference to Exhibit 4.4 to the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on June 30, 2005.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">4.3</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957404002872/d521656_ex99.txt">Amendment to Restated Management Agreement dated October 12, 2004, between Scandic American Shipping Ltd. and Nordic
                American Tanker Shipping Limited, incorporated by reference to Exhibit 99 to Form 6-K filed with the Securities and Exchange Commission on October 29, 2004.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">4.4</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957407003276/d786456_ex4-3.txt">Amendment to Restated Management Agreement dated April 29, 2005, between Scandic American Shipping Ltd. and Nordic
                American Tanker Shipping Limited, incorporated by reference to Exhibit 4.3 to the Company's annual report on Form 20-F for the fiscal year ended December 31, 2006 filed with the Securities and Exchange Commission on June 29, 2007.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">4.5</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957412002820/d1277738_ex4-5.htm">Amendment to Restated Management Agreement dated November 19, 2005, between Scandic American Shipping Ltd. and
                Nordic American Tanker Shipping Limited incorporated by reference to Exhibit 4.5 to the Company's annual report on Form 20-F filed with the Securities and Exchange Commission April 17, 2012.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">4.6</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957408002841/d878602_ex4-3.htm">Amendment to Restated Management Agreement dated May 3, 2008, between Scandic American Shipping Ltd. and Nordic
                American Tanker Shipping Limited incorporated by reference to Exhibit 4.3 to the Company's annual report on Form 20-F for the fiscal year ended December 31, 2007 filed with the Securities and Exchange Commission on May 9, 2008.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>

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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">78</font></div>
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            <div style="text-align: justify;">4.7</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957410003718/d990876_ex4-5.htm">Amendment to Restated Management Agreement dated May 31, 2009, between Scandic American Shipping Ltd. and Nordic
                American Tanker Shipping Limited incorporated by reference to Exhibit 4.5 to the Company's annual report on Form 20-F for the fiscal year ended December 31, 2009 filed with the Securities and Exchange Commission on May 24, 2010.</a></div>
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        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">4.8</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957412002820/d1277738_ex4-8.htm">Amendment to Restated Management Agreement dated July 1, 2010, between Scandic American Shipping Ltd. and Nordic
                American Tanker Shipping Limited incorporated by reference to Exhibit 4.8 to the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on April 17, 2012.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">4.9</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957412002820/d1277738_ex4-9.htm">Amendment to Restated Management Agreement dated December 1, 2011 between Scandic American Shipping Ltd. and Nordic
                American Tankers Limited incorporated by reference to Exhibit 4.9 to the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on April 17, 2012.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">4.10</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000119312513113445/d504782dex414.htm">Amendment to Restated Management Agreement dated January 10, 2013 between Scandic American Shipping Ltd. and Nordic
                American Tankers Limited incorporated by reference to Exhibit 4.14 to the Company's annual report on Form 20-F for the fiscal year ended December 31, 2012 filed with the Securities and Exchange Commission on March 19, 2013.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">4.11</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8500640_ex4-11.htm">Amended and Restated 2011 Equity Incentive Plan.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">4.12</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957418007805/d8108775_ex-1.htm">Facility Agreement USD500,000,000 Revolving Credit Facility by and among Nordic American Tankers Limited as
                Borrower, arranged by DNB Bank ASA, Nordea Bank Norge ASA and Skandinaviska Enskilda Banken AB dated October 26, 2012 as amended and restated by an amendment and restatement agreement dated December 16, 2015, incorporated by reference to
                Form 6-K filed with the Securities and Exchange Commission on November 30, 2018.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">4.13</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/1000177/000091957418007805/d8108748_ex-2.htm">Waiver and Consent Letter dated May 4, 2018 from DNB Bank ASA to Nordic American Tankers Limited, incorporated by
                reference to Form 6-K filed with the Securities and Exchange Commission on November 30, 2018.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">4.14</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8517608_ex4-14.htm">Equity Distribution Agreement dated March 29, 2019, by and between Nordic American
                Tankers Limited and B. Riley FBR, Inc.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">8.1</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8496729_8-1.htm">Subsidiaries of Nordic American Tankers Limited</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">12.1</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8496729_ex12-1.htm">Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">12.2</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8496729_ex12-2.htm">Rule 13a-14(a) /15d-14(a) Certification of the Chief Financial Officer.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">13.1</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8496729_ex13-1.htm">Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as
                adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></div>
          </td>
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        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">13.2</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8496729_ex13-2.htm">Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as
                adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">15.1</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8496729_ex15-1.htm">Consent of Independent Registered Public Accounting Firm &#8211; KPMG AS.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">15.2</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8508485_ex15-2.htm">Consent of Fearnleys</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">101.INS</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;">XBRL Instance Document</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">101.SCH</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;">XBRL Taxonomy Extension Schema Document</div>
          </td>
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        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">101.CAL</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;">XBRL Taxonomy Extension Schema Calculation Linkbase Document</div>
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          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">101.DEF</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;">XBRL Taxonomy Extension Schema Definition Linkbase Document</div>
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        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">101.LAB</div>
          </td>
          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;">XBRL Taxonomy Extension Schema Label Linkbase Document</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.07%; vertical-align: top;">&#160;</td>
          <td style="width: 89.93%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.07%; vertical-align: top;">
            <div style="text-align: justify;">101.PRE</div>
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          <td style="width: 89.93%; vertical-align: top;">
            <div style="text-align: justify;">XBRL Taxonomy Extension Schema Presentation Linkbase Document</div>
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        <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SIGNATURES</div>
        <div style="text-align: justify; margin-bottom: 12pt;">The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and has duly caused and authorized the undersigned to sign this annual report on its behalf.</div>
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              <td style="width: 36.52%; vertical-align: top;">&#160;</td>
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              <td style="width: 43.8%; vertical-align: top;">
                <div>NORDIC AMERICAN TANKERS LIMITED</div>
              </td>
            </tr>
            <tr>
              <td style="width: 36.52%; vertical-align: top;">&#160;</td>
              <td style="width: 19.68%; vertical-align: top;">&#160;</td>
              <td style="width: 43.8%; vertical-align: top;">&#160;</td>
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                <div>/s/Herbj&#248;rn Hansson</div>
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              <td style="width: 43.8%; vertical-align: top;">
                <div>April 16, 2020</div>
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              <td style="width: 36.52%; vertical-align: top;">
                <div>Name:&#160; Herbj&#248;rn Hansson</div>
              </td>
              <td style="width: 19.68%; vertical-align: top;">&#160;</td>
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              <td style="width: 36.52%; vertical-align: top;">
                <div>Title: Chairman, President, and Chief Executive Officer</div>
              </td>
              <td style="width: 19.68%; vertical-align: top;">&#160;</td>
              <td style="width: 43.8%; vertical-align: top;">&#160;</td>
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          <div style="font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div>TABLE OF CONTENTS</div>
          <div>_________________________________________________________________________________</div>
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                <td style="width: 90.19%; vertical-align: top;">&#160;</td>
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                  <div style="font-weight: bold;">Page</div>
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              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">&#160;</td>
                <td style="width: 9.81%; vertical-align: top;">&#160;</td>
              </tr>
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                <td style="width: 90.19%; vertical-align: top;">
                  <div>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM &#8211; KPMG AS</div>
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                <td style="width: 9.81%; vertical-align: top;">
                  <div>F-2</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">&#160;</td>
                <td style="width: 9.81%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">&#160;</td>
                <td style="width: 9.81%; vertical-align: top;">
                  <div>F-3</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">&#160;</td>
                <td style="width: 9.81%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">
                  <div>FINANCIAL STATEMENTS:</div>
                </td>
                <td style="width: 9.81%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">&#160;</td>
                <td style="width: 9.81%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">
                  <div>Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017</div>
                </td>
                <td style="width: 9.81%; vertical-align: top;">
                  <div>F-4</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">&#160;</td>
                <td style="width: 9.81%; vertical-align: top;">&#160;</td>
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              <tr>
                <td style="width: 90.19%; vertical-align: top;">
                  <div>Consolidated Statements of Comprehensive Loss for the years ended December 31, 2019, 2018 and 2017</div>
                </td>
                <td style="width: 9.81%; vertical-align: top;">
                  <div>F-5</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">&#160;</td>
                <td style="width: 9.81%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">
                  <div>Consolidated Balance Sheets as of December 31, 2019 and 2018</div>
                </td>
                <td style="width: 9.81%; vertical-align: top;">
                  <div>F-6</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">&#160;</td>
                <td style="width: 9.81%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">
                  <div>Consolidated Statements of Shareholders&#8217; Equity for the years ended December 31, 2019, 2018 and 2017</div>
                </td>
                <td style="width: 9.81%; vertical-align: top;">
                  <div>F-7</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">&#160;</td>
                <td style="width: 9.81%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">
                  <div>Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017</div>
                </td>
                <td style="width: 9.81%; vertical-align: top;">
                  <div>F-8</div>
                </td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">&#160;</td>
                <td style="width: 9.81%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 90.19%; vertical-align: top;">
                  <div>Notes to Consolidated Financial Statements</div>
                </td>
                <td style="width: 9.81%; vertical-align: top;">
                  <div>F-9</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-1</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: center; margin-bottom: 20pt; font-weight: bold;">Report of Independent Registered Public Accounting Firm</div>
            <div style="margin-bottom: 10pt;">To the Shareholders and Board of Directors<br>
              Nordic American Tankers Limited:</div>
            <div style="margin-bottom: 5pt; font-style: italic;">Opinion on the Consolidated Financial Statements</div>
            <div style="margin-bottom: 10pt;">We have audited the accompanying consolidated balance sheets of Nordic American Tankers Limited and&#160;subsidiaries (the Company) as of December&#160;31, 2019 and 2018, the related consolidated statements of
              operations, comprehensive loss, shareholders&#8217; equity, and cash flows for each of the years in the three&#8209;year period ended December&#160;31, 2019, and the related notes (collectively, the consolidated financial statements). In our opinion, the
              consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December&#160;31, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the three&#8209;year
              period ended December&#160;31, 2019, in conformity with U.S.&#160;generally accepted accounting principles.</div>
            <div style="margin-bottom: 10pt;">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company&#8217;s internal control over financial reporting as of December&#160;31, 2019,
              based on criteria established in <font style="font-style: italic;">Internal Control &#8211; Integrated Framework (2013)</font> issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated April 16, 2020
              expressed an unqualified opinion on the effectiveness of the Company&#8217;s internal control over financial reporting.</div>
            <div style="margin-bottom: 5pt; font-style: italic;">Change in Accounting Principle</div>
            <div style="margin-bottom: 10pt;">As discussed in Note 2 to the consolidated financial statements, the Company changed its method of accounting for revenue from contracts with customers in 2018 due to the adoption of ASC Topic 606 &#8211; Revenue
              From Contracts With Customers.</div>
            <div style="margin-bottom: 10pt;">Basis for Opinion</div>
            <div style="margin-bottom: 10pt;">These consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a
              public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.&#160;federal securities laws and the applicable rules and regulations of the Securities and Exchange
              Commission and the PCAOB.</div>
            <div style="margin-bottom: 10pt;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial
              statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and
              performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the
              accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.</div>
            <div style="text-align: justify; margin-bottom: 8pt;">/s/ KPMG AS</div>
            <div style="margin-bottom: 10pt;">We have served as the Company&#8217;s auditor since 2015.</div>
            <div style="margin-bottom: 30pt;">Oslo, Norway<br>
              April 16, 2020</div>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-2</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div>
            <div style="text-align: center; margin-bottom: 20pt; font-weight: bold;">Report of Independent Registered Public Accounting Firm</div>
            <div style="margin-bottom: 10pt;">To the Shareholders and Board of Directors<br>
              Nordic American Tankers Limited:</div>
            <div style="margin-bottom: 5pt; font-style: italic;">Opinion on Internal Control Over Financial Reporting</div>
            <div style="margin-bottom: 10pt;">We have audited Nordic American Tankers Limited and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2019, based on criteria established in <font style="font-style: italic;">Internal Control &#8211; Integrated Framework (2013)</font> issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over
              financial reporting as of December&#160;31, 2019, based on criteria established in <font style="font-style: italic;">Internal Control &#8211; Integrated Framework (2013)</font> issued by the Committee of Sponsoring Organizations of the Treadway
              Commission.</div>
            <div style="margin-bottom: 10pt;">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December&#160;31, 2019 and 2018,
              the related consolidated statements of operations, comprehensive loss, shareholders&#8217; equity, and cash flows for each of the years in the three-year period ended December&#160;31, 2019,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>and the related notes (collectively, the
              consolidated financial statements), and our report dated April 16, 2020 expressed an unqualified opinion on those consolidated financial statements.</div>
            <div style="margin-bottom: 5pt; font-style: italic;">Basis for Opinion</div>
            <div style="margin-bottom: 10pt;">The Company&#8217;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in
              the accompanying management's <font style="color: #000000;">annual report on internal control over financial reporting</font>. Our responsibility is to express an opinion on the Company&#8217;s internal control over financial reporting based on
              our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
              and Exchange Commission and the PCAOB.</div>
            <div style="margin-bottom: 10pt;">We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over
              financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness
              exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe
              that our audit provides a reasonable basis for our opinion.</div>
            <div style="margin-bottom: 5pt; font-style: italic;">Definition and Limitations of Internal Control Over Financial Reporting</div>
            <div style="margin-bottom: 10pt;">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
              external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1)&#160;pertain to the maintenance of records that, in reasonable
              detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)&#160;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
              with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)&#160;provide reasonable assurance regarding
              prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</div>
            <div style="margin-bottom: 10pt;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the
              risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</div>
            <div style="margin-bottom: 10pt;">/s/ KPMG AS</div>
            <div style="margin-bottom: 10pt;">Oslo, Norway<br>
              April 16, 2020</div>
          </div>
          <div></div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-3</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="margin-bottom: 10pt;"><br>
          </div>
          <div style="font-variant: small-caps; font-weight: bold;">Nordic American Tankers Limited</div>
          <div style="font-variant: small-caps; font-weight: bold;">Consolidated Statements of Operations for the Years Ended December 31, 2019, 2018 and 2017</div>
          <div style="font-style: italic;">All figures in USD &#8216;000, except share and per share amount</div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z182c6e1c264345edbb2bf5d5493d524c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="10" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">Year Ended December 31,</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;"> 2019</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">2018</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">2017</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
                  <div>Voyage Revenues</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>317,220</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>289,016</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>297,141</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Voyage Expenses</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(141,770</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(165,012</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(142,465</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Vessel Operating Expenses</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(66,033</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(80,411</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(87,663</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Impairment Loss on Vessels</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(2,168</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(110,480</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Impairment Loss on Goodwill</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(18,979</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Loss on Disposal of Vessels</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(6,619</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>General and Administrative Expenses</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(13,481</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(12,727</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(12,575</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Depreciation Expense</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>(63,965</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>(60,695</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>(100,669</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Net Operating Income (Loss)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">31,971</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(38,616</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(175,690</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
                  <div>Interest Income</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>298</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>334</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>347</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Interest Expenses</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(38,390</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(34,549</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(20,464</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Other Financial Expenses</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(4,160</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(14,729</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(644</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Total Other Expenses</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(42,252</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(48,944</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(20,761</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">Net Loss Before Income Taxes and Equity Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">(10,281</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">(87,560</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">(196,451</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Income Tax Expense</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(71</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(79</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(83</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Equity Loss from Associate</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(7,667</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(8,435</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Net Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(10,352</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(95,306</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(204,969</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Basic and Diluted Loss per Share</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(0.07</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(0.67</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(1.97</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
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              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Basic and Diluted Average Number of Common Shares Outstanding</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>142,571,361</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>141,969,666</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>103,832,680</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Cash Dividends per Share</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>0.10</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>0.07</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>0.53</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>

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          <div><br>
          </div>
          <div><br>
          </div>
          <div style="text-align: center; font-style: italic;">The accompanying notes are an integral part of these consolidated financial statements.</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-4</font></div>
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              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="margin-bottom: 10pt;"><br>
          </div>
          <div style="font-variant: small-caps; font-weight: bold;">Nordic American Tankers Limited</div>
          <div style="font-variant: small-caps; font-weight: bold;">Consolidated Statements of Comprehensive Loss for The Years Ended December 31, 2019, 2018 AND 2017</div>
          <div style="font-style: italic;">All figures in USD &#8216;000, except share and per share amount</div>
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          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="zbe1e44201ddd43ac8fc07a007ef8e4c7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="10" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">Year Ended December 31,</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;"> 2019</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">2018</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">2017</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Net Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(10,352</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(95,306</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(204,969</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">Other Comprehensive Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Translation Differences</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(498</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(172</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>110</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Unrealized Gain (Loss) on Defined benefit plan</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>420</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>40</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(260</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Other Comprehensive Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(78</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(132</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(150</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">Total Comprehensive Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">(10,430</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">(95,438</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">(205,119</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
          <div><br>
          </div>
          <div style="text-align: center; font-style: italic;">The accompanying notes are an integral part of these consolidated financial statements.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-5</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="margin-bottom: 10pt;"><br>
          </div>
          <div style="font-variant: small-caps; font-weight: bold;">Nordic American Tankers Limited</div>
          <div style="font-variant: small-caps; font-weight: bold;">Consolidated Balance Sheets as of December 31, 2019 and 2018</div>
          <div style="font-style: italic;">All figures in USD &#8216;000, except share and per share amount</div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z9e93efc96a6f4511a8c1837b367932df" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="6" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">As of December 31,</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
                  <div style="font-weight: bold;">Assets</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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                  <div style="text-align: center; font-weight: bold;">2019</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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              <tr>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div>Cash and Cash Equivalents</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>48,847</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>49,327</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div>Restricted Cash</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>12,791</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div>Accounts Receivable, Net</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>24,583</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>22,102</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div>Accounts Receivable, Related Party</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>492</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div>Prepaid Expenses</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>3,383</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>3,830</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div>Inventory</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>22,475</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>20,291</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div>Voyages in Progress</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>13,124</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>15,075</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div>Investment Securities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>825</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div>Other Current Assets</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>3,344</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>1,828</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">Total Current Assets</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">129,372</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">112,945</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Non-Current Assets</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div>Vessels</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>899,997</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>953,758</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div>Investment Securities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>4,197</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Other Non-Current Assets</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>1,534</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>211</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Total Non-Current Assets</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">901,531</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">958,166</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">Total Assets</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">1,030,903</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">1,071,111</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" colspan="8" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">Liabilities and Shareholders&#8217; Equity</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Current Liabilities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div>Accounts Payable</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>8,405</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>3,575</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div>Accrued Voyage Expenses</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>11,524</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>5,063</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div>Other Current Liabilities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>15,562</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>8,960</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div>Current Portion of Long-Term Debt</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>23,537</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>18,692</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">Total Current Liabilities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">59,028</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">36,290</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" colspan="8" style="vertical-align: bottom; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Non - Current Liabilities</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div>Long-Term Debt</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>375,364</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>417,836</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div>Operating Lease Liabilities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>934</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Deferred Compensation Liability</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>153</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>14,954</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Total Non-Current Liabilities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">376,451</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">432,790</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Commitment and Contingencies</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Shareholders&#8217; Equity</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div>Common Stock, par value $0.01 per share</div>
                  <div>360,000,000 authorized, 147,230,634 and 141,969,666 issued and outstanding at December 31, 2019 and December 31, 2018, respectively.</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>1,472</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>1,420</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div>Additional Paid-In Capital</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>38,499</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>123,852</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div>Contributed Surplus</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>567,202</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>786,881</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div>Accumulated Other Comprehensive Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(1,397</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(1,319</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div>Accumulated Deficit</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(10,352</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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                <td valign="bottom" colspan="8" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <div style="text-align: center; font-style: italic;">The accompanying notes are an integral part of these consolidated financial statements.</div>
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            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-6</font></div>
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                  <div style="font-variant: small-caps; font-weight: bold;">Nordic American Tankers Limited</div>
                  <div style="color: #000000; font-variant: small-caps; font-weight: bold;">Consolidated Statements of Shareholders&#8217; Equity for the Years Ended December 31, 2019, 2018 and 2017</div>
                </td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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                  <div style="text-align: center; font-size: 8pt; font-weight: bold;">Retained Earnings (Accumulated Deficit)</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total Shareholders&#8217; Equity</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">101,969,666</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">13,500</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">1,020</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">235,050</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">640,472</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">(1,037</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">(4,456</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">871,049</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">Net Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">(204,969</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">(204,969</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">)</div>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">Reduction of share premium</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">(215,481</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">215,481</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">(150</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">)</div>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">Share Based Compensation</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">522</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">522</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">13,000</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">Dividends Distributed</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">(59,136</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">(59,136</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">Balance at December 31, 2017</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">141,969,666</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">22,000</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">1,420</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">123,439</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">796,817</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">(1,187</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">(209,425</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">711,064</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">Effect of change in accounting policy (ASC 606)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">(4,072</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">(4,072</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">Adjusted balance at January 1, 2018</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">141,969,666</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">22,000</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">1,420</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">123,439</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">796,817</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">(1,187</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">(213,497</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">706,992</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">Net Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">(95,306</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">(95,306</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">Other Comprehensive Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">413</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt; font-weight: bold;">1,420</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt; font-weight: bold;">123,852</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt; font-weight: bold;">786,881</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt; font-weight: bold;">(1,319</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt; font-weight: bold;">)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt; font-weight: bold;">(308,803</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt; font-weight: bold;">)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt; font-weight: bold;">602,031</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: #CCEEFF;">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">(10,352</div>
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                  <div style="font-size: 8pt;">Coverage of&#160; Accumulated Deficit as of December 31, 2018</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                  <div style="font-size: 8pt;">(78</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">)</div>
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                <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">Share Based Compensation</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">156</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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                  <div style="font-size: 8pt;">)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">(14,255</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-size: 8pt;">)</div>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 20%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">Balance at December 31, 2019</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">147,230,634</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">42,000</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">1,472</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">38,499</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">567,202</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">(1,396</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">(10,352</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-size: 8pt; font-weight: bold;">595,424</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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          <div style="text-align: center; font-style: italic;">The accompanying notes are an integral part of these consolidated financial statements.</div>
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          <div style="font-variant: small-caps; font-weight: bold;">Nordic American Tankers Limited</div>
          <div style="margin-bottom: 10pt; color: #000000; font-variant: small-caps; font-weight: bold;">Consolidated Statements of Cash Flows for the Years Ended December 31, 2019, 2018 and 2017</div>
          <div style="margin-bottom: 10pt; color: #000000; font-style: italic;">All figures in USD &#8216;000</div>
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                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="10" style="vertical-align: top; border-bottom: #000000 solid 2px;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                  <div style="text-align: center; font-weight: bold;">2019</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(10,352</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(95,306</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(204,969</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
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              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Depreciation Expense</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>63,965</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>60,695</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>100,669</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>2,168</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>110,480</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Change in Fair Value of Investment Securities</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>3,160</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Drydock Expenditure</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(4,158</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(5,210</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(18,776</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Amortization of Deferred Finance Costs</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>4,291</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>15,350</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>1,393</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Deferred Compensation Liabilities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(10,970</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(860</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>1,303</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Share-based Compensation</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>156</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>413</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>522</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Other, net</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(66</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>21</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(163</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
                  <div style="font-style: italic;">Changes in Operating Assets and Liabilities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="10" style="vertical-align: top; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Accounts Receivables</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(1,989</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(357</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(4,258</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Accounts Receivables, Related Party</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>237</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(145</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Inventory</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(2,184</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>2,794</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(2,200</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Prepaid Expenses and Other Current Assets</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(1,068</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(904</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>10,122</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(7,112</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
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                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>1,072</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>1,951</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(5,059</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">52,858</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">(16,103</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">31,741</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">Cash Flows from Investing Activities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Investment in Vessels</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(2,531</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(4,810</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(37,567</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Investment in Other Fixed Assets</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(60</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Sale of Vessels</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>89,624</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Proceeds from Sale of Investment Securities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>212</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Investments in Associate</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(10,000</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Dividends received from Associate</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>300</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>1,041</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Net Cash (Used In) / Provided by Investing Activities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(2,319</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">85,054</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(46,526</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">Cash Flows from Financing Activities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
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                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>17,922</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>103,748</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Proceeds from Vessel Financing Newbuildings</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>12,505</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Proceeds from Borrowing Activities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>300,000</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Repayments on Credit Facility</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(313,400</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(78,242</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(55,359</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Repayment of Vessel financing 2018 Newbuildings</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(7,273</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(2,361</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Repayments on Borrowing Facility</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(14,324</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Transaction Costs Borrowing Facilities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(6,921</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(13,125</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Dividends Distributed</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>(14,255</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>(9,936</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>(54,226</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Net Cash (Used In) / Provided by Financing Activities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(38,251</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(78,034</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(18,962</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">Net Increase / (Decrease) in Cash, Cash Equivalents, and Restricted Cash</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">12,288</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">(9,083</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">(33,747</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Cash, Cash Equivalents, and Restricted Cash at Beginning of Year</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">49,327</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">58,359</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">92,170</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Effect of Exchange Rate Changes on Cash and Cash Equivalents</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>23</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>51</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>(64</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Cash, Cash Equivalents, and Restricted Cash at End of Year</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">61,638</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">49,327</div>
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                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">58,359</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
                  <div>&#160;</div>
                  <div style="font-style: italic;">Supplemental Disclosure of Cash Flow information</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
                  <div>Cash and Cash Equivalents</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>48,847</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>49,327</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>58,359</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Restricted Cash</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>12,791</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div>Total Cash, Cash equivalents and Restricted Cash Shown in the Statement of Cash Flows</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>61,638</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>49,327</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>58,359</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
                  <div>&#160;</div>
                  <div>Cash Paid for Taxes</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>79</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>83</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>102</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
                  <div>Fair Value of Shares Distributed as Dividend in Kind</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>4,910</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
                  <div>Cash Paid for Interest, Net of Amounts Capitalized</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>35,616</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>32,300</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>19,476</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
          <div><br>
          </div>
          <div style="text-align: center; font-style: italic;">The accompanying notes are an integral part of these consolidated financial statements.</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-8</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: center; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
          <div><br>
          </div>
          <div style="text-align: center;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>
          <div style="text-align: center; font-style: italic;">(All amounts in USD &#8216;000 except where noted)</div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1b52eb58796847099a4a380afded6456">

                  <tr>
                    <td style="width: 25.5pt; vertical-align: top; align: right; font-weight: bold;">1.</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;">NATURE OF BUSINESS</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">Nordic American Tankers Limited (&#8220;NAT&#8221;) was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company&#8217;s shares trade under the symbol &#8220;NAT&#8221; on the New York Stock Exchange.
            The Company was formed for the purpose of acquiring and chartering out double-hull tankers.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Company is an international tanker company that currently has a fleet of 23 Suezmax tankers. The Company has not disposed of or acquired new vessels in 2019. The 23 vessels the Company
            operated per December 31, 2019, average approximately 156,000 dwt each. In 2019, 2018 and 2017, the Company chartered out its operating vessels primarily in the spot market.</div>
          <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">The Company&#8217;s Fleet</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Company&#8217;s current fleet consists of 23 Suezmax crude oil tankers of which the vast majority have been built in Korea.</div>
          <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 80%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z83e531fed55e4279b3b2415749911bcc">

              <tr>
                <td style="width: 25%; vertical-align: top;">
                  <div style="font-weight: bold;"><u>Vessel</u></div>
                </td>
                <td style="width: 25%; vertical-align: top;">
                  <div style="text-align: center; font-weight: bold;"><u>Built in</u></div>
                </td>
                <td style="width: 25%; vertical-align: top;">
                  <div style="text-align: center; font-weight: bold;"><u>Deadweight Tons</u></div>
                </td>
                <td style="width: 25%; vertical-align: top;">
                  <div style="text-align: center; font-weight: bold;"><u>Delivered to NAT in</u></div>
                </td>
                <td style="width: 0%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td rowspan="1" style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td rowspan="1" style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td rowspan="1" colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>Nordic Freedom</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2005</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">159,331</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2005</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>Nordic Moon</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2002</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">160,305</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">2006</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>Nordic Apollo</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2003</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">159,998</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2006</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>Nordic Cosmos</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2003</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">159,999</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">2006</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>Nordic Grace</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2002</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">149,921</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2009</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>Nordic Mistral</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2002</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">164,236</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">2009</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>Nordic Passat</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2002</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">164,274</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2010</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>Nordic Vega</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2010</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">163,940</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">2010</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>Nordic Breeze</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2011</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">158,597</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2011</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>Nordic Zenith</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2011</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">158,645</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">2011</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>Nordic Sprinter</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2005</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">159,089</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2014</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>Nordic Skier</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2005</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">159,089</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">2014</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>Nordic Light</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2010</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">158,475</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2015</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>Nordic Cross</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2010</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">158,475</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">2015</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>Nordic Luna</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2004</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">150,037</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2016</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>Nordic Castor</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2004</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">150,249</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">2016</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>Nordic Sirius</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2000</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">150,183</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2016</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>Nordic Pollux</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2003</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">150,103</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">2016</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>Nordic Star</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2016</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">159,000</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2016</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>Nordic Space</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2017</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">159,000</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">2017</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>Nordic Tellus</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2018</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">157,000</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2018</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div>Nordic Aquarius</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2018</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">157,000</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;">2018</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div>Nordic Cygnus</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">2018</div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">157,000</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;">2018</div>
                </td>
              </tr>
              <tr>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>

          </table>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3b2e986e27f042a3a1631bd359e23724">

                  <tr>
                    <td style="width: 25.5pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify;"><font style="font-weight: bold;">Basis of Accounting: </font>These consolidated financial statements (&#8220;financial statements&#8221;) have been prepared in accordance with accounting principles generally accepted in the
            United States of America (&#8220;U.S. GAAP&#8221;).</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-9</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Reclassifications: </font>The Company has reclassified certain amounts relating to its presentation of cash flows for 2017 to conform to its current period
            presentation. These reclassifications have not changed the results of operations of prior periods.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Principles of Consolidation: </font>Entities in which NAT has controlling financial interest are consolidated. Subsidiaries are consolidated from the date on
            which control is obtained. The subsidiaries&#8217; accounting policies are in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated in the consolidation.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Use of Estimates:</font> Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect
            the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could
            differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Foreign Currency Translation: </font>The functional currency of NAT is the United States (&#8220;U.S.&#8221;) dollar as substantially all revenues are nominated in U.S.
            dollars and the majority of the expenditures are incurred and paid in U.S. dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction<font style="font-weight: bold;">.</font> The Company&#8217;s subsidiaries of NAT Chartering Ltd, NAT Chartering AS, and the European branch of Scandic American Shipping Ltd, have Norwegian kroner as their functional currency. All assets and liabilities
            of those entities are translated into U.S. dollars as of each balance sheet date. Translation gains and losses are reflected in shareholders&#8217; equity as part of accumulated other comprehensive loss.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Revenue and Expense Recognition: </font>Revenues and expenses are recognized on the accruals basis. Revenues are generated from spot and time charters.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Spot Charters:</font><font style="font-style: italic;">&#160;</font>For vessels operating on spot charters, voyage revenues are recognized
            ratably over the estimated length of each voyage, on a load-to-discharge basis and, therefore, are allocated between reporting periods based on the relative transit time in each period. Voyage expenses are capitalized between the discharge port
            of the immediately previous cargo, or contract date if later, and the load port of the cargo to be chartered if they qualify as fulfillment costs. Incremental cost to obtain a contract is capitalized and amortized ratably over the estimated
            length of each voyage, calculated on a load-to-discharge basis. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs
            as incurred. Expected losses that are deemed probable on voyages are provided for in full at the time such losses can be estimated. A voyage is deemed to commence upon loading of cargo and is deemed to end upon the completion of discharge of
            the same cargo. The Company does not capitalize fulfilment cost or recognize revenue if a charter has not been contractually committed to by a customer.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">As the Company&#8217;s performance obligations are services which are received and consumed by our customers as we perform such services, revenues are recognized over time proportionate to the days
            elapsed since the service commencement compared to the total days anticipated to complete the service. Freight is generally billed to the customers after the cargo has been discharged and the performance obligation fulfilled by the Company. The
            Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the load and discharge ports. Demurrage earned during a spot charter represents a variable consideration. The Company recognizes such revenues
            in the voyage estimates only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Voyage estimates are reviewed and updated over the duration of the spot charter contract.
            When the Company&#8217;s tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing
            voyage expenses related to the voyage separately in the Statements of Operations.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">In 2017, before the adoption of Topic 606 on January 1, 2018, the Company recognized voyage revenues ratably over the estimated length of each voyage, on a discharge-to-discharge basis.</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-10</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">Time Charters: </font>Under a time charter, the charterer pays for the voyage expenses, such as port, canal and fuel costs, while the
            Company pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and costs relating to a vessel&#8217;s intermediate and special surveys.
            Revenues from time charter contracts where the Company is a lessor are accounted for as fixed rate operating leases under ASC 842 Leases and are recognized daily over the term of the charter. Time charter agreements with profit-sharing are
            recognized when the contingency related to it is resolved. <font style="color: #000000;">The Company has applied the practical expedient to not separate nonlease components from the associated lease component and instead to account for those
              components as a single component if the nonlease component otherwise would be accounted for under the new revenue guidance (ASC 606); and both of the following are met: (1) the timing and patterns of transfer of the nonlease component and
              associated lease are the same; and (2) the lease component, if accounted for separately, would be classified as&#160; an operating lease. The pattern of revenue recognition has not changed as a result of implementation of ASC 842 Leases.</font></div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Vessel Operating Expenses</font><font style="font-weight: bold; color: #000000;">:</font> Vessel operating expenses include crewing, repair and maintenance,
            insurance, stores, lubricants, management fee, communication expenses and tonnage tax. These expenses are recognized when incurred.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Cash, Cash Equivalents and Restricted Cash:</font> Cash and cash equivalents consist of highly liquid investments such as time deposits with original
            maturities when acquired of three months or less. Amounts included in restricted cash represent those required to be set aside by a contractual agreement with a banking institution for the payment of future estimated drydocking expenditure
            related to the vessels used as collateral.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Accounts Receivable, Net:</font><font style="font-weight: bold; font-style: italic;">&#160;</font>Accounts receivable and other receivables are presented net of
            allowance for doubtful balances. The Company regularly reviews its accounts receivables and estimates the amount of uncollectible receivables each period and provides for an allowance for uncollectable amounts. The assessment of the allowance
            is based on the age of the unpaid receivables, financial status of the customer and other relevant information.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Inventories: </font>Inventories are comprised of bunker fuel and lubrication oil. Cost is determined on a first-in, first-out (&#8220;FIFO&#8221;) basis.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Vessels:</font> Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition
            (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing
            costs incurred during the construction period of the vessels are capitalized and included in vessels&#8217; cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are capitalized if it is
            determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is expensed over the estimated useful
            life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. Repairs and maintenance are expensed as incurred.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Impairment of Vessels: </font>The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that
            the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on a vessel by vessel basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be
            generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and fair value (based on
            broker estimates). In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels&#8217; future performance, with the significant assumptions being related to charter rates, fleet utilization,
            operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends
            as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel, net of brokerage commissions, expected outflows for
            vessels&#8217; maintenance and vessel operating expenses (including planned drydocking expenditures). The Company estimates the daily time charter equivalent for the remaining operating days, utilizing available market data for spot market rates for
            the initial two-year period and the most recent fifteen-year historical average for similar vessels for the remaining estimated life of the vessel. Useful economic life is assumed to be 25 years from the delivery of the vessel from the
            shipyard. The salvage value used in the impairment test is estimated to be $8.0 million per vessel. If the Company&#8217;s estimate of undiscounted future cash flows for any vessel is lower than the vessel&#8217;s carrying value, the carrying value is
            written down, by recording an impairment charge.</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-11</font></div>
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          </div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Drydocking:</font> The Company&#8217;s vessels are required to be drydocked approximately every 30 to 60&#160;months. The Company capitalizes eligible costs incurred
            during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Drydocking costs include a variety of costs incurred while
            vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and
            engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification
            and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis
            over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Leases:</font> The Company bareboat charters certain vessels under leasing agreements. Sale-leaseback arrangements where the transaction is not considered a
            sale under ASC 606 are accounted for as a financing transaction. Consideration received in such sale-leaseback arrangements is recorded as a financial liability. Each lease payment is allocated between liability and interest expense to achieve
            a constant rate on the financial liability outstanding. The interest element is charged as Interest Expense over the lease period. The Company has certain office lease contracts resulting in a right-of-use asset and a lease liability and the
            Company has applied an incremental borrowing rate as the discount rate to calculate the respective asset and liability. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use
            (ROU) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The
            right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease
            incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments,
            less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Investments in Equity Method Investees:</font> Investments in other entities where the Company has &#8220;significant influence&#8221; in accordance with U.S. GAAP are
            accounted for using the equity method of accounting. Under the equity method of accounting, the investment is stated at initial cost and is adjusted for subsequent additional investments and the Company&#8217;s proportionate share of earnings or
            losses and distributions. The Company evaluates its investment in equity method investees for impairment when events or circumstances indicate that the carrying value of the investment may have experienced an other than temporary decline in
            value below its carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is
            recorded in the Statements of Operations.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Investment Securities:</font> Equity securities are recorded at fair value with changes in fair value recognized in net income.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Goodwill:</font><font style="font-weight: bold;">&#160;</font>Goodwill represents the excess of costs over the fair value of the assets of businesses NAT has
            acquired. Goodwill is not amortized, but instead tested for impairment at the reporting unit level on an annual basis as of December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the
            fair value of a reporting unit below its carrying value. When goodwill is tested for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less
            than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a
            discounted cash flow model to determine the fair value of the reporting unit, unless there is a readily determinable fair market value.</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-12</font></div>
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          </div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Deferred Compensation Liability: </font>The Company had two individual deferred compensation agreement with the Company&#8217;s CEO and a former CFO &amp; EVP. The
            former CFO &amp; EVP had an individual deferred compensation agreement, denominated in Norwegian kroner, where further benefits did not accrue upon leaving the Company as of Dec 31, 2017. The liabilities have been accounted for on an accrual
            basis using actuarial calculations. Any currency translation adjustments as well as actuarial gains and losses have been recognized in general and administrative expenses as incurred. Both agreements have been terminated in 2019 and we refer to
            note 7 for further information.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Segment Information: </font>The Company has identified only one operating segment. The Company has only one type of vessel &#8211; Suezmax crude oil tankers. The
            Company does not provide a geographical analysis because the Company&#8217;s business is global in nature and the location of its vessels continually changes.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Fair Value of Financial Instruments:</font> The fair values of cash, cash equivalents and restricted cash, accounts receivable, accounts payable and accrued
            liabilities approximate carrying value because of the short-term nature of these instruments.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Deferred Financing Costs:</font><font style="font-weight: bold; font-style: italic;">&#160;</font>Financing costs, including fees, commissions and legal expenses
            are deferred and amortized over the term of the arrangement, which approximates the effective interest method. Incurred fees related to loans not yet drawn are presented as Other non-current Assets. The deferred financing costs are accounted as
            a direct deduction from the associated debt liability.</div>
          <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Share Based Compensation:</div>
          <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">Restricted shares</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The fair value of restricted shares to employees is estimated based on the market price of the Company&#8217;s shares. The fair value of restricted shares granted to employees is measured at grant
            date and the Company records the compensation expense for such awards over the requisite service period.</div>
          <div style="text-align: justify; margin-bottom: 12pt; font-style: italic;">Stock options</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Company grants stock options as incentive-based compensation to certain employees. The Company measures the cost of such awards using the grant date fair value of the award and recognizes
            that cost over the requisite service period.</div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Income Taxes: </font>The Company is incorporated in Bermuda. Under current Bermuda law, the Company is not subject to corporate income taxes. The statutory
            applicable rate to consolidated corporate earnings is 0%.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">Two of the Company&#8217;s wholly-owned subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 22%, 23%, and 24% for the years ended December 31, 2019, 2018 and
            2017, respectively, of their taxable profit.<font style="font-weight: bold; color: #FF0000;">&#160;</font><font style="color: #000000;">The income tax expensed for year ended December 31, 2019, 2018 and 2017 was $71,000, $79,000, and $83,000,
              respectively. Deferred tax assets related to these entities are inconsequential. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes.</font></div>
          <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Concentration of Credit Risk:</font><font style="font-weight: bold; font-style: italic;">&#160;</font>Financial instruments that potentially subject the Company to
            concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company&#8217;s cash is primarily held in major banks and financial institutions and typically insured up to a set amount. Accordingly, the
            Company believes the risk of any potential loss on deposits held in these institutions is remote. Concentrations of credit risk relative to accounts receivable are limited to our client base in the oil and energy industry that may be affected
            by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable. The fair value of the financial instruments approximates the net book value.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">For the year ended December 31, 2019, one customer accounted for 13.5% of the spot charter revenues. For the year ended December 31, 2018, one customer accounted for 10.5% of the spot charter
            revenues. For the year ended December 31, 2017, one customer accounted for 12% of the spot charter revenues.</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-13</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
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          </div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">Accounts receivable, Net, as of December 31, 2019, and 2018 were $24.6 and $22.1 million, respectively. As of December 31, 2019, three charterers accounted for 48% of the outstanding accounts
            receivable, with 19%, 15% and 14%. As of December 31, 2018, three charterers accounted for 49% of the outstanding accounts receivable, with 24%, 13%, and 12%.</div>
          <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Recent Accounting Pronouncements</div>
          <div style="text-align: justify; margin-bottom: 12pt;">In June 2016, the FASB issued ASU 2016-13, Financial Instruments &#8211; Credit losses (ASC 326), which amends the guidance on the impairment of financial instruments. The standard adds an
            impairment model known as the current expected credit loss ("CECL") model that is based on expected losses rather than incurred losses. Under the new guidance, an entity is required to recognize as an allowance its estimate of expected credit
            losses, which the FASB believes will result in more timely recognition of such losses. Unlike the incurred loss models under existing standards, the CECL model does not specify a threshold for the recognition of an impairment allowance. Rather,
            an entity will recognize its estimate of expected credit losses for financial assets as of the end of the reporting period. Credit impairment will be recognized as an allowance or contra-asset rather than as a direct write-down of the amortized
            cost basis of a financial asset. However, the carrying amount of a financial asset that is deemed uncollectible will be written off in a manner consistent with existing standards. The standard will be effective for the first reporting period
            within annual periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect any material impact on our financial assets from implementation of this new guidance.</div>
          <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Recently Adopted Accounting Standards</div>
          <div style="text-align: justify; margin-bottom: 12pt;">Effective January 1, 2019, the Company adopted ASC 842 Leases applying the modified retrospective method. We recognized an initial $1.9 million lease liability and a corresponding
            right-of-use lease asset to comply with the new lease standard. No cumulative effects have been recorded to the Company&#8217;s accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting
            standards in effect for those prior periods (effective date method). The Company has applied the practical expedient for time-charter out contracts that include both a lease component, consisting of the lease of the vessel, and a non-lease
            component, consisting of the operation of the vessel for the customer, to not separate non-lease components, or service element, from the associated lease component and instead to account for those components as a single component if the
            non-lease component otherwise would be accounted for under the new revenue guidance (ASC 606); and both of the following are met: (1) the timing and patterns of transfer of the non-lease component and associated lease are the same; and (2) the
            lease component, if accounted for separately, would be classified as&#160; an operating lease.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The right-of-use asset, presented in Other-Non Current Assets, and lease liability is related to leased office space and the reduction in the carrying amount of the right-of-use asset during
            the twelve months ended December 31, 2019 has been $0.5 million. Certain of the Company&#8217;s lease contracts for office space include optional periods that are not included in the right-of-use asset and lease liability. The discount rate applied
            to the calculations is an incremental borrowing rate. The lease liability is presented in Other Current Liabilities and Operating Lease Liabilities and the lease cost is recognized in General and Administrative Expenses.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">ASC 842 allows lessees to elect as an accounting policy not to apply the provisions of ASC 842 to short term leases (i.e., leases with an original term of 12-months or less), which the
            Company has applied. Instead, a lessee may recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-14</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
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          </div>
          <div><br>
          </div>
          <div>Effective January 1, 2018, the Company adopted <font style="font-style: italic;">Revenue from Contracts with Customers (ASC 606). </font>The financial year ended December 31, 2019 is comparative with the financial year ended December 31,
            2018, as the new revenue standard is applied consistently for both financial years. The financial year ended December 31, 2017 is presented under the previous revenue recognition standard. On December 31, 2017 we had 19 vessels affected by the
            change in the revenue recognition standard that resulted in an adjustment to increase our opening balance of accumulated deficit as of January 1, 2018 of $4.1 million. As of December 31, 2018, we had 15 vessels that were impacted by the new
            revenue recognition policy with an equivalent net increase of $6.3 million on accumulated deficit.</div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" id="zb5496e9fcd2e4efdbd62a55494309c8d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" colspan="12" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                  <div style="font-weight: bold;">Effect on the Consolidated Balance sheets as of December 31, 2018</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom;">
                  <div style="font-style: italic;">In thousands of USD</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center;">
                  <div style="font-weight: bold;">As reported</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center;">
                  <div style="font-weight: bold;">Adjustments</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center;">
                  <div style="font-weight: bold;">Amounts before ASC606</div>
                  <div style="font-weight: bold;">adoption</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top;">
                  <div style="font-weight: bold;">ASSETS</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Total Current Assets</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>112,945</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>6,991</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>119,936</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div style="font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Voyages in Progress</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div style="font-style: italic;">15,075</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div style="font-style: italic;">8,111</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div style="font-style: italic;">23,186</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div style="font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Prepaid Expenses</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-style: italic;">3,830</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-style: italic;">(1,120</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-style: italic;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-style: italic;">2,710</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Total Non-Current Assets</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>958,166</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>0</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>958,166</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
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                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">1,071,111</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">6,991</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">1,078,102</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
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                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Total Shareholders&#8217; Equity</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>602,031</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>6,265</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>608,296</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div>Total&#160;&#160; Current Liabilities</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>36,290</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>726</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>37,016</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div style="font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Accrued Voyage Expenses</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-style: italic;">5,063</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-style: italic;">726</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-style: italic;">5,789</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Total Non-Current Liabilities</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>432,790</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>0</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>432,790</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">TOTAL LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">1,071,111</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">6,991</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">1,078,102</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>

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          <div><br>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z97489a4a7c624d45b724add5cce3e779" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" colspan="12" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                  <div style="font-weight: bold;">Effect on the Consolidated Statements of Operations as of December 31, 2018</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom;">
                  <div style="font-style: italic;">In thousands of USD</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center;">
                  <div style="font-weight: bold;">As reported</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center;">
                  <div style="font-weight: bold;">Adjustments</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center;">
                  <div style="font-weight: bold;">Amounts before ASC606</div>
                  <div style="font-weight: bold;">adoption</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
                  <div>Voyage Revenues</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>289,016</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>2,819</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>291,835</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
                  <div>Voyage Expenses</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(165,012</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(627</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(165,639</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Net Operating Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(38,616</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">2,193</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(36,423</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">Net Loss<br>
                  </div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">(95,306</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">2,193</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">(93,113</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">Total Comprehensive Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(95,438</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">2,193</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">(93,245</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div style="font-weight: bold;">)</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z49f5da186b1a4778a55b21a089391b99" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" colspan="12" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                  <div style="font-weight: bold;">Effect on the Consolidated Statement of Cash Flows as of December 31, 2018</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom;">
                  <div style="font-style: italic;">In thousands of USD</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center;">
                  <div style="font-weight: bold;">As reported</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center;">
                  <div style="font-weight: bold;">Adjustments</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: center;">
                  <div style="font-weight: bold;">Amounts before ASC606</div>
                  <div style="font-weight: bold;">adoption</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
                  <div>Net Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(95,306</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>2,193</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(93,113</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
                  <div>Voyages in Progress</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(5,059</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(2,819</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(7,879</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
                  <div>Prepaid Expenses and Other Current Assets</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>1,837</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>503</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>2,340</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Accounts Payable and Accrued Liabilities</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>(7,112</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>124</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>(6,988</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div>Net Cash (Used In)/Provided by Operating Activities</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>(16,103</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>(16,103</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>No other new accounting policies have been adopted since December 31, 2018.</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-15</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc7027d17e09847a7a69ec750eb044e4c">

                  <tr>
                    <td style="width: 17.85pt; vertical-align: top; align: right; font-weight: bold;">3.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">VOYAGE REVENUES</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">Our voyage revenues consist of time charter revenues and spot charter revenues with the following split:</div>
          <table cellspacing="0" cellpadding="0" id="z36bf7e7796454f4ca9256384ce6b78d8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                  <div style="font-style: italic;">All amounts in USD &#8216;000</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                  <div style="text-align: right; font-weight: bold;">2019</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                  <div style="text-align: right; font-weight: bold;">2018</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                  <div style="text-align: right; font-weight: bold;">2017</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div style="font-size: 8pt;"><font style="font-size: 10pt;">Spot charter revenues</font>*</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>283,007</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>259,978</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>257,495</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>Time charter revenues</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>34,213</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>29,038</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>39,646</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div>Total Voyage Revenues</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>317,220</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>289,016</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>297,141</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>

          </table>
          <div style="margin-bottom: 12pt; font-size: 8pt;">*Spot charter revenues for 2019 and 2018 are presented in accordance we ASC 606 Revenue from Contracts with Customers. The comparative information for 2017 has not been restated.</div>
          <div style="margin-bottom: 12pt;">The future minimum revenues as at December 31, 2019 related to time charter revenues are as follows:</div>
          <table cellspacing="0" cellpadding="0" border="0" id="ze35eb629aea54fa78958e3ff7ed31852" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 85%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-style: italic;">All amounts in USD &#8216;000</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-weight: bold;">Amount</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);">
                  <div>2020</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);">
                  <div>27,932</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 85%; background-color: rgb(255, 255, 255);">
                  <div>2021</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);">
                  <div>7,317</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>2022</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 85%; background-color: rgb(255, 255, 255);">
                  <div>Future minimum revenues</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);">
                  <div>35,249</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="margin-bottom: 12pt;">Our voyage contracts have a duration of one year or less and we applied the exemption related to excluding the disclosure of remaining performance obligations.</div>
          <div style="margin-bottom: 12pt;">As of December 31, 2019 and December 31, 2018, the Company has capitalized fulfilment cost of $1.0 million and $1.1 million, respectively.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z040a4e6a968549ba94255e6fcc9409df">

                  <tr>
                    <td style="width: 17.85pt; vertical-align: top; align: right; font-weight: bold;">4.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">VESSELS</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">Vessels consists of the carrying value of 23 vessels for the year ended December 31, 2019 and December 31, 2018, respectively. Vessels includes capitalized drydocking costs.</div>
          <div style="margin-bottom: 12pt;">Depreciation is calculated based on cost less estimated residual value of $8.0 million per vessel over the estimated useful life of the vessel using the straight-line method. The estimated useful life of a vessel
            is 25 years from the date the vessel is delivered from the shipyard.</div>
          <table cellspacing="0" cellpadding="0" id="z84d5607422664a1ea8d28c6338257dd0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="margin-top: 6pt; font-style: italic;">All figures in USD &#8216;000</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div> </div>
                  <div style="text-align: center; font-weight: bold;">2019</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div> </div>
                  <div style="text-align: center; font-weight: bold;">2018</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="margin-top: 6pt;">Vessels as of January 1</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div></div>
                  <div>1,307,087</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div></div>
                  <div>1,769,967</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div style="text-indent: 36pt; margin-top: 6pt;">Additions Vessels</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div></div>
                  <div>2,531</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div></div>
                  <div>169,446</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-indent: 36pt; margin-top: 6pt;">Disposals Vessels</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div></div>
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div>(632,326</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="margin-top: 6pt;">Drydocking as of January 1</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div></div>
                  <div>52,331</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div></div>
                  <div>119,303</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="text-indent: 36pt; margin-top: 6pt;">Additions Drydocking</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div></div>
                  <div>7,618</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div></div>
                  <div>8,210</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="text-indent: 36pt; margin-top: 6pt;">Disposals Drydocking</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div></div>
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div>(75,182</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="margin-top: 6pt; font-weight: bold;">Total Vessels and Drydocking</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div></div>
                  <div style="font-weight: bold;">1,369,567</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div></div>
                  <div style="font-weight: bold;">1,359,418</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div style="margin-top: 6pt;">Less Accumulated Depreciation</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(469,570</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(405,660</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)<font style="font-size: 8pt;">*</font></div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="margin-top: 6pt;">Less Accumulated Impairment Loss on Vessels</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div></div>
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div><font style="font-size: 8pt;">**</font></div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="margin-top: 6pt; font-weight: bold;">Vessels</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div></div>
                  <div style="font-weight: bold;">899,997</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                  <div></div>
                  <div style="font-weight: bold;">953,758</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>

          </table>
          <div style="margin-top: 6pt; font-size: 8pt;">*Depreciation charges of $497.0 million related to vessels disposed of in 2018 is excluded</div>
          <div style="margin-top: 6pt; font-size: 8pt;">** Impairment charges of $2.2 million and $110.5 million related to vessels disposed of in 2018 is excluded</div>
          <div style="margin-top: 6pt; font-size: 8pt;">
            <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;">The Company has taken three vessels through periodical maintenance surveys in 2019 and further two vessels were in drydock for periodical maintenance as at December 31,
              2019.</div>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-16</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Impairment Loss on Vessels</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Company has not recorded any impairment loss on vessels for the year ended December 31, 2019. The Company recorded an impairment loss of $2.2 million and $110.5 million for the years
            ended December 31, 2018 and December 31, 2017, respectively.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Company reviewed its assets for impairment on an asset by asset basis. In determining whether the assets are recoverable, the Company compared the estimate of the undiscounted cash flows
            expected to be generated by the assets to its carrying value. As of December 31, 2019, it was determined that the sum of the undiscounted cash flows for each vessel exceeded its carrying value and no impairment was recorded.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">In developing estimates of future undiscounted cash flows, we made assumptions and estimates based on historical trends as well as future expectations. The most important assumption in
            determining undiscounted cash flows are the estimated freight rates. Freight rates are volatile and the analysis is based on market rates obtained from third parties, in combination with historical achieved rates by the Company.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zacab97a081ab48d5b7e36795000a5ced">

                  <tr>
                    <td style="width: 17.85pt; vertical-align: top; align: right; font-weight: bold;">5.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">INVESTMENT SECURITIES</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">Hermitage Offshore Services Ltd. (&#8220;HOS&#8221;) (formerly known as Nordic American Offshore Ltd) was incorporated in 2013, and operates ten platform supply vessels, eleven crew boats and two anchor
            handling vessels. HOS is listed on the New York Stock Exchange under the ticker &#8220;PSV&#8221;. NAT has sold 187,815 shares in HOS during the year and is holding 811,538 shares as of December 31, 2019 that is equaling about 3.16% of the common shares
            outstanding in HOS as of December 31, 2019. The reduction in ownership is a result of non-participation in several equity offerings in HOS during 2019 together with the abovementioned sale of shares.</div>
          <div style="margin-bottom: 12pt;">The carrying value of the investment per December 31, 2019 and 2018 is $0.8 million and $4.2 million, respectively, based on the share price. The Company has disposed of shares for a consideration of $0.2 million
            in 2019 and recognized a loss of $3.2 million and zero in earnings from changes in fair market value for the periods ending December 31, 2019 and 2018, respectively.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z31507ea877694b0ba69633849f5e0b4c">

                  <tr>
                    <td style="width: 17.85pt; vertical-align: top; align: right; font-weight: bold;">6.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">RELATED PARTY TRANSACTIONS</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Hermitage Offshore Services Ltd (formerly Nordic American Offshore Ltd) (&#8220;HOS&#8221;):</div>
          <div style="text-align: justify; margin-bottom: 12pt;">In December 2013, the Company entered into a management agreement with HOS for the provision of administrative services.&#160; For services under the management agreement, NAT received a
            management fee of $83,000, $100,000, $100,000 for 2019, 2018 and 2017, respectively, and is reimbursed for cost incurred in connection with its services. NAT also receives reimbursement for a portion of the operational costs such as salary and
            office rent, among others, incurred by NAT, which is attributable to HOS.&#160; For the year ended December 31, 2019, 2018 and 2017, the Company recognized an aggregate of $0.9 million, $2.3 million and $2.3 million, respectively, for such costs
            incurred which was included in General and Administrative Expenses.</div>
          <div style="margin-bottom: 12pt;">The management agreement was terminated as of June 30, 2019 and ended on October 31, 2019. NAT holds less than 5% of the shares in Hermitage Offshore Services Ltd as of December 31, 2019, as a result of being
            diluted through equity offerings in late 2018 and throughout 2019, and HOS is no longer considered to be a related party of NAT.</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-17</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Board Members and Employees:</div>
          <div style="margin-bottom: 12pt;">In 2014, the Company entered into an agreement with a company owned by a Board member for the use of an asset for corporate and marketing activities.&#160;The Company paid a fixed annual fee and fees associated with
            actual use. This agreement was terminated in 2017. In 2019, 2018 and 2017, use of the asset was paid for upon utilization and the Company recognized an expense $0.3 million, $0.4 million and $0.2 million, respectively. No amounts were due to
            the related party as of December 31, 2019, 2018 or 2017 related to use of the asset. As of December 31, 2019 and December 31, 2018, the Company has a receivable of $0.3 million and $0.2 million, respectively, related to prepayments to our
            Chairman.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0936fc6c2e4f40ed841423fb755dce3f">

                  <tr>
                    <td style="width: 25.5pt; vertical-align: top; align: right; font-weight: bold;">7.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">DEFERRED COMPENSATION LIABILITY</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">In 2007 and 2010, the Board of Directors approved an unfunded deferred compensation agreement for the Chairman, President and CEO and the Company&#8217;s former Chief Financial Officer and
            Executive Vice President. The agreements provided for unfunded deferred compensation computed as a percentage of salary, and certain benefits for dependents.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Company has entered into a final settlement agreement with the former CFO to terminate the compensation agreement with a corresponding payment made by March 31, 2020. We refer to note 11
            for further information.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The agreement for the Chairman, President and CEO was amended in 2017 for the benefits to vest over a period of employment of 15 years up to a maximum of 66% of the salary level at the time
            of retirement, age of 72. The Company had a restricted deposit account of $10.0 million for securing the financing of this deferred compensation liability as at December 31, 2016, but the restriction was lifted in 2017, 2018 and 2019. The
            Company has entered into a final settlement agreement to terminate the compensation agreement with a corresponding payment made of $11.0 million.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The total expense (gain) related to the deferred compensation agreements for the Chairman, President and CEO and the Company&#8217;s former Chief Financial Officer and Executive Vice President,
            recognized in 2019, 2018 and 2017 were $(0.2) million, $(0.7) million and $1.0 million, respectively.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6ee2522af695400ab6e5ab3ff6a54f0e">

                  <tr>
                    <td style="width: 17.85pt; vertical-align: top; align: right; font-weight: bold;">8.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">OTHER NON-CURRENT ASSETS</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <table cellspacing="0" cellpadding="0" id="zfe31d57f923f42e79b42ccb8ab8a9605" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>&#160;</div>
                  <div style="font-style: italic;">All figures in USD &#8216;000</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div> </div>
                  <div style="text-align: right; font-weight: bold;">2019</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div> </div>
                  <div style="text-align: right; font-weight: bold;">2018</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div>Fixture, Furniture and Equipment</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>65</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>128</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div>Right of Use Asset*</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>1,412</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Other</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div>57</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div>83</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="margin-top: 6pt; font-weight: bold;">Total as of December 31,</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div></div>
                  <div style="font-weight: bold;">1,534</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div></div>
                  <div style="font-weight: bold;">211</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>

          </table>
          <div style="text-align: justify; text-indent: 36pt;">* relates to certain office lease contracts. Optional periods are not included in the calculation.</div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za98031f91ea7484e881c976fb6199ecc">

                  <tr>
                    <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">9.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">SHARE-BASED COMPENSATION PLAN</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Equity Incentive Plan</div>
          <div style="text-align: justify; margin-bottom: 12pt;">In 2011, the Board of Directors decided to establish an incentive plan involving a maximum of 400,000 shares pursuant to a vesting schedule of which all shares were allocated among the
            management of the Company and the members of the Board of Directors. The shares are forfeited if the grantee leaves the Company before the shares are vested. The holders of the shares are entitled to voting rights as well as to receive
            dividends paid during the trade restriction period.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">In December 2015, the Board of Directors amended and restated the 2011 Equity Incentive Plan to reserve an additional 137,665 shares for issuance to persons employed in the management of the
            Company and members of the Board of Directors under the same terms as the original plan.&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-18</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">As of December 31, 2019, a total of 92,165 common shares with a weighted average grant date fair value of $14.38 have been allocated with a remaining unrecognized cost related to unvested
            shares of nil. A total of 87,665 common shares vested on January 8, 2020.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Company held 22,000 treasury shares as of December 31, 2018 from forfeitures and further 20,000 common shares have forfeited from employees in 2019. The Company held 42,000 common shares
            as treasury shares as of December 31, 2019.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The compensation expense is recognized on a straight-line basis over the vesting period and is recorded as part of General and Administrative expenses. The total compensation expense related
            to common shares under the plan was $0.1 million, $0.4 million, and $0.5 million for the years ended December 31, 2019, December 31, 2018 and December 31, 2017, respectively.</div>
          <div style="margin-bottom: 12pt; font-weight: bold;">Stock Option Award Amendment</div>
          <div style="margin-bottom: 12pt;">The Board of Directors has in 2019 amended and restated the 2011 Equity Incentive Plan to reserve an additional 1,000,000 stock options for issuance. The stock options have been allocated amongst management and
            employees of the Company.</div>
          <div style="margin-bottom: 12pt;">As of December 31, 2019, the Company has granted 755,000 and 234,000 options with vesting over a period of two and three years, respectively, and an exercise price of $4.70 per share.</div>
          <div style="margin-bottom: 12pt;">The Company has used the Black-Scholes option pricing model to measure the grant date fair value of the options with the following assumptions applied to the model;</div>
          <table cellspacing="0" cellpadding="0" border="0" align="left" style="width: 75%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z908ed397bb6d4b1da47585c205e13bc5">

              <tr>
                <td style="width: 50%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 24.51%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: center;">
                  <div>&#160;</div>
                  <div style="margin-top: 4.5pt;">Options with two year vesting</div>
                </td>
                <td style="width: 24.51%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
                  <div>&#160;</div>
                  <div style="margin-top: 4.5pt;">Options with three year vesting</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-top: 4.5pt;">Volatility</div>
                </td>
                <td style="width: 24.51%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; margin-top: 4.5pt;">57.5%</div>
                </td>
                <td style="width: 24.51%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; margin-top: 4.5pt;">52.5%</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-top: 4.5pt;">Dividend yield</div>
                </td>
                <td style="width: 24.51%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; margin-top: 4.5pt;">10.0 %</div>
                </td>
                <td style="width: 24.51%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; margin-top: 4.5pt;">10.0%</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-top: 4.5pt;">Risk-free interest rate</div>
                </td>
                <td style="width: 24.51%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; margin-top: 4.5pt;">1.64%</div>
                </td>
                <td style="width: 24.51%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; margin-top: 4.5pt;">1.65%</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="margin-top: 4.5pt;">Weighted-average grant date fair value</div>
                </td>
                <td style="width: 24.51%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; margin-top: 4.5pt;">$0.59</div>
                </td>
                <td style="width: 24.51%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="text-align: center; margin-top: 4.5pt;">$0.58</div>
                </td>
              </tr>

          </table>
          <div style="margin-top: 4.5pt; clear: both;"><br>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">The expected volatility was based on historical volatility observed from historical company-specific data during the two years prior to the grant date.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The compensation expense related to the stock option awards was $0.1 million for the year ended December 31, 2019 and the remaining unrecognized cost related to non-vested stock options was
            $0.5 million with a remaining average remaining vesting period of 2.1 years.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdcf5971efb554973995933777a3a00df">

                  <tr>
                    <td style="width: 25.5pt; vertical-align: top; align: right; font-weight: bold;">10.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Credit Facility and 2019 Senior Secured Credit Facility:</div>
          <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">In 2012, the Company entered into a $430 million revolving credit facility, which in 2015 was increased to $500 million, with a syndicate of lenders in order to refinance its
            existing credit facility, fund future vessel acquisitions and for general corporate purposes (the "Credit Facility").</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Company had $313.4 million borrowed as of December 31, 2018 under this credit facility.<font style="color: #000000;"> In connection with the expansion of the Credit Facility in 2015, the
              Company incurred $4.6 million in deferred financing costs, which was amortized over the term of the loan and presented net of the outstanding loan balance. The remaining balance as of December 31, 2018 was $1.7 million, which has been
              expensed as Interest Expenses in 2019, upon the repayment on February 12, 2019, of the then remaining balance of $313.4 million of the Credit Facility.</font></div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-19</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">On February 12, 2019 the Company entered into a new five-year senior secured credit facility for $306.1 million (the &#8220;2019 Senior Secured Credit Facility&#8221;) that refinanced the outstanding
            balance on the Credit Facility as of that date. Borrowings under the 2019 Senior Secured Credit Facility are secured by first priority mortgages over the vessels (excluding the three vessels delivered in 2018, see description below) and
            assignments of earnings and insurance. The loan is amortizing with a twenty-year maturity profile, carries a floating LIBOR interest rate plus a margin and matures in February 2024. Further, the agreement contains a discretionary excess cash
            mechanism for the lender that equals 50% of the net earnings from the collateral vessels, less capex provision and fixed loan amortization. The Company has incurred $13.0 million (including a non-cash portion of $6.1 million) in financing
            costs, which is amortized over the term of the loan and the outstanding loan balance was presented net of the costs. The agreement contains covenants that require a minimum liquidity of $30.0 million and a loan-to-vessel value ratio of maximum
            70%. We are free to distribute dividends as long as we comply with the described covenants.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">As of December 31, 2019, the Company had $291.8 million drawn under its 2019 Senior Secured Credit Facility, where $18.7 million has been presented as Current Portion of Long-Term Debt. This
            includes $3.4 million related to the excess cash flow mechanism payment related to earnings generated in the fourth quarter of 2019 and payable in the first quarter of 2020. The Company has incurred $13.0 million in financing cost, which is
            amortized over the term of the loan and presented net of the outstanding loan balance. The estimated fair value for the long-term debt is considered to be approximately equal to the carrying value since it carries a variable interest rate. As
            of December 31, 2019 and as of the date of the issuance of this report, the Company is in compliance with the terms of the 2019 Senior Secured Credit Facility.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The 2019 Senior Secured Credit Facility is amortizing with a twenty-year maturity profile and the Company has repaid $14.3 million of the facility in the twelve months ended December 31,
            2019. Subsequent to December 31, 2019, a further repayment of $7.3 million has been done and the outstanding balance as of the date of this report is $284.5 million.</div>
          <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Financing of 2018 Newbuildings</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The three 2018 Newbuildings were delivered in July, August and October 2018, respectively. Under the terms of the financing agreement, the lender has provided financing of 77.5% of the
            purchase price for each of the three 2018 Newbuildings and paid the remaining payment obligations to Samsung shipyard that were due upon delivery of the vessels. Net proceeds of $12.5 million received from Ocean Yield ASA were used to pay down
            the drawn amount on the Credit Facility. Upon delivery of each of the vessels, the Company entered into ten-year bareboat charter agreements. The Company has obligations to purchase each vessel for $13.6 million upon the completion of the
            ten-year bareboat charter agreements, and also has the option to purchase the vessels after sixty and eighty-four months. The financing agreements for the three vessels have a total effective interest rate ranging from 6.50% to 6.72% including
            a floating LIBOR element that is subject to annual adjustment. The financing agreement contains certain financial covenants requiring us to on a consolidated basis to maintain a minimum value adjusted equity of $175.0 million and ratio of 25%,
            minimum liquidity of $20.0 million; and a minimum vessel value to outstanding lease clause.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The outstanding amount under this financing arrangement was $119.9 million and $127.1 million as of December 31, 2019 and 2018, respectively, where $7.6 and $7.3 million has been presented as
            Current Portion of Long-Term Debt, respectively. The Company has incurred $2.3 million in financing cost, which is amortized over the term of the financing arrangement and presented net of the outstanding loan balance.</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-20</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">As of December 31, 2019 the aggregate annual principal payments required to be made under the Company&#8217;s debt facilities are as follows:</div>
          <table cellspacing="0" cellpadding="0" border="0" id="z4c18a50bcff748b09dc809f2e01934e0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
                  <div style="font-weight: bold;">Debt payments in $'000s</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold;">Total</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold;">2020</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div></div>
                  <div></div>
                  <div style="text-align: center; font-weight: bold;">2021</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;"><font style="font-weight: bold;"> </font></div>
                  <div></div>
                  <div style="text-align: center; font-weight: bold;">2022</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold;">2023</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold;">2024</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold;">More than 5 years</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255);">
                  <div>Senior Secured Credit Facility (1)</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                  <div>291,798</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                  <div>18,749</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                  <div>15,305</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                  <div>15,305</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                  <div>15,305</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                  <div>227,134</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 16%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                  <div>Financing of 2018 Newbuildings (2)</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>119,867</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>7,630</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>7,960</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>8,327</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>8,711</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>9,138</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>78,101</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 16%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div>Total</div>
                </td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>411,665</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>26,379</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>23,265</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>23,632</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>24,016</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>236,272</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                  <div>78,101</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>

          </table>
          <div><br>
          </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;" class="DSPFListTable" id="zdd8c238b262b4001bd1cb489606c423c">

                  <tr>
                    <td style="width: 18pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top; align: right; font-size: 8pt;">(1)</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-size: 8pt;">Refers to obligation to repay indebtness outstanding as of December 31, 2019 under the 2019 Senior Secured Credit Facility</div>
                    </td>
                  </tr>

              </table>
            </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;" class="DSPFListTable" id="zb36146abecf34975bf04a4e8bf08665d">

                  <tr>
                    <td style="width: 18pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top; align: right; font-size: 8pt;">(2)</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-size: 8pt;">Refers to obligation to repay indebtness outstanding as of December 31, 2019 for financing of the 2018 Newbuildings</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Liquidity Outlook</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Company performs on a regular basis cash flow projections to evaluate whether it will be in a position to cover the liquidity needs for the next 12-month period and the compliance with
            financial and security ratios under the existing and future financing agreements. In developing estimates of future cash flows, the Company makes assumptions about the vessels&#8217; future performance, market rates, operating expenses, capital
            expenditure, fleet utilization, general and administrative expenses, loan repayments and interest charges. The assumptions applied are based on historical experience and future expectations.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">On March 29, 2019, the Company entered into an equity distribution agreement with B. Riley FBR, Inc., acting as a sales agent, under which we may, from time to time, offer and sell shares of
            our common stock through an At-the-Market Offering (&#8220;ATM&#8221;) program having an aggregate offering price of up to $40,000,000. As of December 31, 2019, the Company has raised gross and net proceeds (after deducting sales commissions and other fees
            and expenses) under the ATM of $18.6 million and $17.9 million, respectively, by issuing and selling 5,260,968 common shares. As of the date of this annual report, no further sales have been completed under the ATM program.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Company believes that the current cash and cash equivalents and cash expected to be generated from operations, together with the measures described above, are sufficient to meet the
            working capital needs and other liquidity requirements for the next 12 months from the date of this report.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z33e8901054fb4d8797fb50323ebb7ca8">

                  <tr>
                    <td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;">11.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">INTEREST EXPENSES</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">Interest expenses consist of interest expense on the long-term debt, the commitment fee and amortization of deferred financing costs related to the Credit Facility described in Note 9.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z29e476ad484d4e5baac2ac29ef33053b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

                <tr>
                  <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;">
                    <div style="font-family: 'Times New Roman', serif; font-style: italic;">All amounts in USD &#8216;000</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                    <div style="font-family: 'Times New Roman',serif; font-weight: bold;">2019</div>
                  </td>
                  <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                    <div style="font-family: 'Times New Roman',serif; font-weight: bold;">2018</div>
                  </td>
                  <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;">&#160;</td>
                  <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                    <div style="font-family: 'Times New Roman',serif; font-weight: bold;">2017</div>
                  </td>
                  <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman', serif;">Interest Expenses, net of capitalized interest</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman', serif;">34,018</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman', serif;">29,753</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman', serif;">18,286</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);">
                    <div style="font-family: 'Times New Roman', serif;">Commitment Fee</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="font-family: 'Times New Roman', serif;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="font-family: 'Times New Roman', serif;">3,325</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                    <div style="font-family: 'Times New Roman', serif;">760</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman', serif;">Amortization of Deferred Financing Costs</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman', serif;">4,372</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman', serif;">1,470</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="font-family: 'Times New Roman', serif;">1,393</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;">
                    <div style="font-family: 'Times New Roman', serif;">Other financial costs</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                    <div style="font-family: 'Times New Roman', serif;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                    <div style="font-family: 'Times New Roman', serif;">1</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">
                    <div style="font-family: 'Times New Roman', serif;">25</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
                    <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Total Interest Expenses</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                    <div style="font-family: 'Times New Roman', serif; font-weight: bold;">38,390</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                    <div style="font-family: 'Times New Roman', serif; font-weight: bold;">34,549</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                    <div style="font-family: 'Times New Roman', serif; font-weight: bold;">20,464</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
                </tr>

            </table>
            <div><br>
            </div>
            <br>
          </div>
          <div style="margin-bottom: 12pt;"><br>
            For the years ended December 31, 2019, 2018 and 2017, $0.0 million, $2.6 million and $2.5 million of interest expenses were capitalized, respectively.</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-21</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a54054f74844070916c911f93d488dc">

                  <tr>
                    <td style="width: 25.5pt; vertical-align: top; align: right; font-weight: bold;">12.</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;">ACCRUED LIABILITIES</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <table cellspacing="0" cellpadding="0" id="zd33336cd70ff422c87080fabd64f0f8a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; font-style: italic;">All figures in USD &#8216;000</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-weight: bold;">2019</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-weight: bold;">2018</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                  <div style="margin-top: 6pt;">Accrued Interest</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>163</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>1,598</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                  <div>Accrued Expenses</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>11,569</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>7,362</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Settlement Deferred Compensation Liabilities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>3,830</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="margin-top: 6pt; font-weight: bold;">Total as of December 31,</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div style="font-weight: bold;">15,562</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div style="font-weight: bold;">8,960</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">The settlement of the deferred compensation liabilities includes the settlement with our former CFO and Executive Vice President that is payable within March 31, 2020 and payroll taxes
            related to this settlement and the settlement of the Executive Pension Plan with our Chairman, President &amp; CEO. We refer to note 7 for further information.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zacd08c7f2387461aaec29bfefce164ae">

                  <tr>
                    <td style="width: 25.5pt; vertical-align: top; align: right; font-weight: bold;">13.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">EARNINGS (LOSS) PER SHARE</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">Basic earnings per share (&#8220;EPS&#8221;) are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net
            income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period.</div>
          <table cellspacing="0" cellpadding="0" id="z776b001178a947209f6200bb520db9b7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-style: italic;">All figures in USD except number of shares and earnings (loss) per common share</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-weight: bold;">2019</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-weight: bold;">2018</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-weight: bold;">2017</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top;">
                  <div style="margin-top: 6pt;"><font style="font-style: italic;">Numerator</font>:</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 2%; width: 64%; background-color: #CCEEFF;">
                  <div>Net Loss</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(10,352</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(95,306</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(204,969</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
                  <div style="margin-top: 3pt; font-style: italic;">Denominator:</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 2%; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Basic - Weighted Average Common Shares Outstanding</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>142,571,361</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>141,969,666</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>103,832,680</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 2%; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="margin-top: 3pt;">Dilutive &#8211; Weighted Average Common Shares Outstanding</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>142,571,361</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>141,969,666</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div>103,832,680</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
                  <div style="font-style: italic;">Loss per Common Share:</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 2%; width: 64%; background-color: #FFFFFF;">
                  <div>Basic</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(0.07</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(0.67</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(1.97</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" colspan="1" style="vertical-align: top; padding-left: 2%; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Diluted</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div>(0.07</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div>(0.67</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div>(1.97</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="margin-bottom: 12pt;">On March 29, 2019, the Company launched an ATM program of our common shares for up to $40.0 million. The Company has issued 5,260,968 shares with net proceeds of $17.9 million under its At-the-Market as of
            December 31, 2019. The Company has not issued any shares subsequent to the balance sheet date.</div>
          <div style="margin-bottom: 12pt;">The remaining available proceeds through the offering is $21.4 million as of the date of this report. Based on the share price of the Company of $3.47 per share as of April 3, 2020 it would have resulted in
            6,173,500 new shares being issued, if fully utilizing the remaining balance available through the ATM.</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-22</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbea4b0beaff840df855983baf92c0f27">

                  <tr>
                    <td style="width: 25.5pt; vertical-align: top; align: right; font-weight: bold;">14.</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;">SHAREHOLDERS&#8217; EQUITY</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">Authorized, issued and outstanding common shares roll-forward is as follows:</div>
          <table cellspacing="0" cellpadding="0" id="z65de3d3dea2548e5a0bd96efdb3735c3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; color: #000000; font-weight: bold;">Authorized Shares</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; color: #000000; font-weight: bold;">Issued and Out-<br>
                    standing Shares</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; color: #000000; font-weight: bold;">Common Stock</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: #000000; font-weight: bold;">Balance as of January 1, 2017</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div style="color: #000000; font-weight: bold;">180,000,000</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div style="color: #000000; font-weight: bold;">101,969,666</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div style="color: #000000; font-weight: bold;">1,020</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: #000000;">Common Shares Issued<br>
                    &#160;&#160;&#160;in Follow-on Offering</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div style="color: #000000; font-weight: bold;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">40,000,000</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">400</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: #000000; font-weight: bold;">Balance as of December 31, 2017</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div style="color: #000000; font-weight: bold;">180,000,000</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div style="color: #000000; font-weight: bold;">141,969,666</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div style="color: #000000; font-weight: bold;">1,420</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: #000000;">Authorization of additional authorized shares</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">180,000,000</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: #000000; font-weight: bold;">Balance as of December 31, 2018</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div style="color: #000000; font-weight: bold;">360,000,000</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div style="color: #000000; font-weight: bold;">141,969,666</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div style="color: #000000; font-weight: bold;">1,420</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: #000000;">At-the-Market Offering</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">5,260,968</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                  <div style="color: #000000;">52</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: #000000; font-weight: bold;">Balance as of December 31, 2019</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div style="color: #000000; font-weight: bold;">360,000,000</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div style="color: #000000; font-weight: bold;">147,230,634</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                  <div style="color: #000000; font-weight: bold;">1,472</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>

          </table>
          <div style="text-align: justify; margin-bottom: 12pt;">In December 2017, the Company completed an underwritten public offering of 40,000,000 common shares which increased its equity by $103.7 million.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">In December 2018, the Annual General Meeting of the Company approved to increase the Company&#8217;s authorized share capital from $1.8 million to $3.6 million.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">During 2019, the Company has issued 5,260,968 shares through the ATM program and raised net proceeds of $17.9 million.</div>
          <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Additional Paid-in Capital</div>
          <div style="text-align: justify; margin-bottom: 12pt;">Included in Additional Paid-in Capital is the Company&#8217;s Share Premium Fund as defined by Bermuda law. The Share Premium Fund cannot be distributed without complying with certain legal
            procedures designed to protect the creditors of the Company, including public notice to its creditors and a subsequent period for creditor notice of concern, regarding the Company&#8217;s intention, following shareholder approval, to transfer such
            funds to the Company&#8217;s Contributed Surplus Account and thereby make such funds available for distribution.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">On November 20, 2019, at the Company&#8217;s Annual General Meeting, the shareholders voted to reduce the Share Premium Fund by the amount of about $103.4 million. The reduction in share premium
            did not result in a distribution to shareholders but rather, the surplus resulting from such reduction was credited to the Company's contributed surplus account. The legal procedures related to this reduction were finalized in December 2019
            upon which the amount became eligible for distribution.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Share Premium Fund was $17.9 million and $103.4 million as of December 31, 2019 and 2018, respectively. Credits and Charges to Additional Paid in Capital were a result of the accounting
            for the Company&#8217;s share based compensation programs and issuance of shares.</div>
          <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Contributed Surplus Account</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Company&#8217;s Contributed Surplus Account as defined by Bermuda law, consists of amounts previously recorded as share premium, transferred to Contributed Surplus Account when resolutions are
            adopted by the Company&#8217;s shareholders to make Share Premium Fund distributable or available for other purposes. As indicated by the laws governing the Company, the Contributed Surplus Account can be used for dividend distribution and to cover
            accumulated losses from its operations.</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-23</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Company&#8217;s Board of Directors has in 2019 determined to transfer $308.8 million from the Contributed Surplus Account to cover Accumulated Deficits incurred as of December 31, 2018. We
            refer to the information above related to the reduction of $103.3 million of the Share Premium Fund that was credited to the Company&#8217;s Contributed Surplus Account.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">For the year ended December 31, 2019 and December 31, 2018, the Company paid a dividend of $14.3 million and $9.9 million, respectively, which was charged to the Contributed Surplus Account.
            The Company&#8217;s Contributed Surplus account was $567.2 million and $796.8 million per December 31, 2019 and 2018, respectively.</div>
          <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Shareholders&#8217; Rights Plan</div>
          <div style="text-align: justify; margin-bottom: 12pt;">On June&#160;16, 2017, the Board of Directors adopted a new shareholders&#8217; rights agreement and declared a dividend of one preferred share purchase right to purchase one&#160;one-thousandth&#160;of a Series
            A Participating Preferred Share of the Company for each outstanding common share, par value $0.01 per share. The dividend was payable on June&#160;26, 2017 to shareholders of record on that date. Each right entitles the registered holder to purchase
            from us one&#160;one-thousandth&#160;of a Series A Participating Preferred Share of the Company at an exercise price of $30.00, subject to adjustment. The Company can redeem the rights at any time prior to a public announcement that a person or group has
            acquired ownership of 15% or more of the Company&#8217;s common shares. As at December 31, 2019, no shares were issued pursuant to the plan.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">This shareholders&#8217; rights plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with, or a takeover of,
            the Company. Our shareholders&#8217; rights plan is not intended to deter offers that the Board determines are in the best interests of our shareholders.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8511cc69cab2413e840ba5d386ab4a5c">

                  <tr>
                    <td style="width: 25.5pt; vertical-align: top; align: right; font-weight: bold;">15.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">COMMITMENTS AND CONTINGENCIES</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">The Company may become a party to various legal proceedings generally incidental to its business and is subject to a variety of environmental and pollution control laws and
            regulations. As is the case with other companies in similar industries, the Company faces exposure from actual or potential claims and legal proceedings. Although the ultimate disposition of legal proceedings cannot be predicted with certainty,
            it is the opinion of the Company&#8217;s management that the outcome of any claim which might be pending or threatened, either individually or on a combined basis, will not have a materially adverse effect on the financial position of the Company,
            but could materially affect the Company&#8217;s results of operations in a given year.</div>
          <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">No material claims have been filed against the Company for the fiscal years ended December 31, 2019 and 2018.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5f99ca5edd81478589acf8de1718a5bd">

                  <tr>
                    <td style="width: 25.5pt; vertical-align: top; align: right; font-weight: bold;">16.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">The majority of NAT and its subsidiaries&#8217; transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk
            that currency fluctuations will have a negative effect on the value of the Company&#8217;s cash flows.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair
            value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows:</div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc3b41a4aaf26441daf454cf0bbca4c71">

                  <tr>
                    <td style="width: 72pt; vertical-align: top; align: right;">Level 1.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc102d8f55fe84b61af959aee98a426b6">

                  <tr>
                    <td style="width: 72pt; vertical-align: top; align: right;">Level 2.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8177a655875b4929933fbc6a1e016974">

                  <tr>
                    <td style="width: 72pt; vertical-align: top; align: right;">Level 3.</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-24</font></div>
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets.</div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z32522d6acdb8461d8e1398f698c7b85a">

                  <tr>
                    <td style="width: 18pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top; align: right;">-</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeec7333839ba46cebefebfa06622989f">

                  <tr>
                    <td style="width: 18pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top; align: right;">-</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2019 and 2018, are as follows:</div>
          <table cellspacing="0" cellpadding="0" id="zc36a82e530564152a42441769ac8de30" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: bottom;">
                  <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; font-style: italic;">All figures in USD &#8216;000</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom;">
                  <div style="text-align: right; font-weight: bold;">Fair Value Hierarchy</div>
                  <div style="text-align: right; font-weight: bold;">Level</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom;">
                  <div style="text-align: right; font-weight: bold;">2019</div>
                  <div style="text-align: right; font-weight: bold;">Fair</div>
                  <div style="text-align: right; font-weight: bold;">Value</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom;">
                  <div style="text-align: right; font-weight: bold;">2019</div>
                  <div style="text-align: right; font-weight: bold;">Carrying</div>
                  <div style="text-align: right; font-weight: bold;">Value</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom;">
                  <div style="text-align: right; font-weight: bold;">2018</div>
                  <div style="text-align: right; font-weight: bold;">Fair</div>
                  <div style="text-align: right; font-weight: bold;">Value</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom;">
                  <div style="text-align: right; font-weight: bold;">2018</div>
                  <div style="text-align: right; font-weight: bold;">Carrying</div>
                  <div style="text-align: right; font-weight: bold;">Value</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom;">
                  <div style="margin-top: 6pt; font-style: italic;">Recurring:</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
                  <div style="margin-top: 6pt;">Cash and Cash Equivalents</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div></div>
                  <div>1</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div></div>
                  <div>48,847</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div></div>
                  <div>48,847</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div></div>
                  <div>49,327</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div></div>
                  <div>49,327</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
                  <div>Restricted Cash</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>1</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>12,791</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>12,791</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
                  <div>Credit Facility</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>2</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(313,400</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>(313,400</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
                  <div>2019 Senior Secured Credit Facility*</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>2</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(291,798</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(291,798</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>-</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
                  <div>Investment Securities</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>1</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>825</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>825</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>4,197</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                  <div>4,197</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
                  <div>Vessel financing 2018 Newbuildings*</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>2</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(119,867</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(119,867</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(127,140</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
                  <div>(127,140</div>
                </td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
                  <div>)</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt; font-size: 8pt;">* The 2019 Senior Secured Credit Facility and Vessel financing 2018 Newbuildings carry a floating LIBOR interest rate, plus a margin and the fair value is assumed to equal the
            carrying value.</div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc761a844112b45a6a262672b46a47f5c">

                  <tr>
                    <td style="width: 25.2pt; vertical-align: top; align: right; font-weight: bold;">17.</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="font-weight: bold;">SUBSEQUENT EVENTS</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify; margin-bottom: 12pt;">On February 18, 2020, the Company declared a cash dividend of $0.07 per share in respect of the results for the fourth quarter of 2019. The dividend of $10.3 million was paid on March 16,
            2020.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">On March 18, 2020, the Company announced a share buy-back program with a scope of up to 4.5 million common shares.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">On March 24, 2020, the Company declared a cash dividend of $0.14 cent per share in respect of the results for the first quarter of 2020. The payment date will be June 5, 2020.</div>
          <div style="text-align: justify; margin-bottom: 12pt;">In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or&#160;COVID-19) as a pandemic.&#160; The&#160;Company has not yet experienced any material negative impacts to
            its business, results of operations,&#160;or&#160;financial position&#160;as a result of&#160;COVID-19.&#160; The future financial effects to the Company, if any, of COVID-19 cannot be reasonably estimated&#160;at this time.</div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">F-25</font></div>
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<DOCUMENT>
<TYPE>EX-2.3
<SEQUENCE>2
<FILENAME>d8486806_ex2-3.htm
<TEXT>
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    <title></title>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 2.3</font><br>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">DESCRIPTION OF THE REGISTRANT'S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The following description sets forth certain material terms and provisions of Nordic American Tankers Limited's securities that are
      registered under Section 12 of the Securities Exchange Act of 1934, as amended.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">DESCRIPTION OF COMMON SHARES</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under our Memorandum of Association, as amended, our authorized capital consists of 360,000,000 common shares
      having a par value of $0.01 per share. The respective number of common shares issued and outstanding as of the last day of the fiscal year for the annual report on Form 20-F to which this description is attached or incorporated by reference as an
      exhibit, is provided on the cover page of such annual report on Form 20-F.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our bye-laws permit us to increase our authorized share capital with the approval of a majority of votes cast in
      respect of our outstanding common shares represented in person or by proxy.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">There are no pre-emptive, redemption, conversion or sinking fund rights attached to our common shares. The holders
      of common shares are entitled to one vote per share on all matters submitted to a vote of holders of common shares. Unless a different majority is required by law or by our bye-laws, resolutions to be approved by holders of common shares require
      approval by a simple majority of votes cast at a meeting at which a quorum is present. Shareholders present in person or by proxy and entitled to vote at a meeting of shareholders representing the holders of at least one-third of the issued shares
      entitled to vote at such general meeting shall be a quorum for all purposes.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under our bye-laws, our Board of Directors is authorized to attach to our undesignated shares such preferred,
      qualified or other special rights, privileges, conditions and restrictions as the Board of Directors may determine. The Board of Directors may allot our undesignated shares in more than one series and attach particular rights and restrictions to any
      such shares by resolution; provided, however, that the Board of Directors may not attach any rights or restrictions to our undesignated shares that would alter or abrogate any of the special rights attached to any other class or series of shares
      without such sanction as is required for any such abrogation unless expressly authorized to do so by the rights attaching to or by the terms of the issue of such shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Subject to Bermuda law, special rights attaching to any class of our 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 of the holders of such shares voting in person or by proxy.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In the event of our liquidation, dissolution or winding up, the holders of common shares are entitled to share in
      our assets, if any, remaining after the payment of all of our debts and liabilities, subject to any liquidation preference on any outstanding preference shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our bye-laws provide that our Board of Directors may, from time to time, declare and pay dividends or distributions
      out of contributed surplus, which we refer to collectively as dividends. Each common share is entitled to dividends if and when dividends are declared by our Board of Directors, subject to any preferred dividend right of the holders of any preference
      shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">There are no limitations on the right of non-Bermudians or non-residents of Bermuda to hold or vote our common
      shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Bermuda law permits the bye-laws of a Bermuda company to contain a provision indemnifying the Company&#8217;s directors
      and officers for any loss arising or liability attaching to him or her 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, save with respect to fraud or
      dishonesty. Bermuda law also grants companies the power generally to indemnify directors and officers of a company, except in instances of fraud and dishonesty, 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 and officer of such company or was serving in a similar capacity for another entity at such company&#8217;s request.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <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;">Our Memorandum of Association may be amended with the approval of a majority of votes cast in respect of our
      outstanding common shares represented in person or by proxy and our bye-laws may be amended by approval by not less than 75% of the votes cast in respect of our issued and outstanding common shares represented in person or by proxy.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Shareholder Rights Agreement</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On June 16, 2017, our Board of Directors declared a dividend of one preferred share purchase right, or a Right, for
      each outstanding common share and adopted a shareholder rights plan, as set forth in the Shareholders Rights Agreement dated as of June 16, 2017, or the Rights Agreement, by and between the Company and Computershare Trust Company, N.A., as rights
      agent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Board adopted the Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics.
      In general terms, it works by imposing a significant penalty upon any person or group that acquires 15% or more of our outstanding common shares without the approval of the Board. If a shareholder&#8217;s beneficial ownership of our common shares as of the
      time of the public announcement of the rights plan and associated dividend declaration is at or above the applicable threshold, that shareholder&#8217;s then-existing ownership percentage would be grandfathered, but the rights would become exercisable if
      at any time after such announcement, the shareholder increases its ownership percentage by 1% or more.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Rights may have anti-takeover effects. The Rights will cause substantial dilution to any person or group that
      attempts to acquire us without the approval of our Board of Directors. As a result, the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire us. Because our Board of Directors can approve a redemption of
      the Rights for a permitted offer, the Rights should not interfere with a merger or other business combination approved by our Board of Directors.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For those interested in the specific terms of the Rights Agreement, we provide the following summary description.
      Please note, however, that this description is only a summary, and is not complete, and should be read together with the entire Rights Agreement, which is an exhibit to the Form 8-A filed by us on June 16, 2017 and incorporated herein by reference.
      The foregoing description of the Rights Agreement is qualified in its entirety by reference to such exhibit.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">The Rights</font>.
      The Rights trade with, and are inseparable from, our common shares. The Rights are evidenced only by certificates that represent our common shares. New Rights will accompany any new common shares of the Company issues after June 26, 2017 until the
      Distribution Date described below.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercise Price</font>.
      Each Right allows its holder to purchase from the Company one one-thousandth of a Series A Participating Preferred Share (a &#8220;Preferred Share&#8221;) for $30.00 (the &#8220;Exercise Price&#8221;), once the Rights become exercisable. This portion of a Preferred Share
      will give the shareholder approximately the same dividend, voting and liquidation rights as would one common share. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercisability</font>.
      The Rights are not exercisable until ten days after the public announcement that a person or group has become an &#8220;Acquiring Person&#8221; by obtaining beneficial ownership of 15% or more of our outstanding common shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Certain synthetic interests in securities created by derivative positions, whether or not such interests are
      considered to be ownership of the underlying common shares or are reportable for purposes of Regulation 13D of the Securities Exchange Act of 1934, as amended, are treated as beneficial ownership of the number of our common shares equivalent to the
      economic exposure created by the derivative position, to the extent our actual common shares are directly or indirectly held by counterparties to the derivatives contracts. Swaps dealers unassociated with any control intent or intent to evade the
      purposes of the Rights Agreement are exempt from such imputed beneficial ownership.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <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;">For persons who, prior to the time of public announcement of the Rights Agreement, beneficially own 15% or more of
      our outstanding common shares, the Rights Agreement &#8220;grandfathers&#8221; their current level of ownership, so long as they do not purchase additional shares in excess of certain limitations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The date when the Rights become exercisable is the &#8220;Distribution Date.&#8221; Until that date, our common share
      certificates (or, in the case of uncertificated shares, by notations in the book-entry account system) will also evidence the Rights, and any transfer of our common shares will constitute a transfer of Rights. After that date, the Rights will
      separate from our common shares and will be evidenced by book-entry credits or by Rights certificates that the Company will mail to all eligible holders of our common shares. Any Rights held by an Acquiring Person are null and void and may not be
      exercised.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><u>Preferred Share Provisions</u></div>
    <div style="text-align: justify; margin-bottom: 12pt;">Each one one-thousandth of a Preferred Share, if issued, will, among other things:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbc3865a64a7445f29f34d65996a09faf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>not be redeemable;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6c2e931633a54bfbbe865165312b8e45" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>entitle holders to quarterly dividend payments in an amount per share equal to the aggregate per share amount of all cash dividends, and the aggregate per share
                  amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in our common shares or a subdivision of our outstanding common shares (by reclassification or otherwise), declared on our common
                  shares since the immediately preceding quarterly dividend payment date; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z43f74ca09e2a484b8fafb2be69b5aff3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>entitle holders to one vote on all matters submitted to a vote of the shareholders of the Company.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The value of one one-thousandth interest in a Preferred Share should approximate the value of one common share.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><u>Consequences of a Person or Group Becoming an Acquiring Person.</u></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z97afcf228d924e9885798387c3c581c3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-style: italic;">Flip In</font>. If an Acquiring Person obtains beneficial ownership
                  of 15% or more of our common shares, then each Right will entitle the holder thereof to purchase, for the Exercise Price, a number of our common shares (or, in certain circumstances, cash, property or other securities of the Company)
                  having a then-current market value of twice the Exercise Price. However, the Rights are not exercisable following the occurrence of the foregoing event until such time as the Rights are no longer redeemable by the Company, as further
                  described below.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Following the occurrence of an event set forth in preceding paragraph, all Rights that are or were, under certain circumstances
      specified in the Rights Agreement, beneficially owned by an Acquiring Person or certain of its transferees will be null and void.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zee9cde45483148ad81495c5a1e72e7ae" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-style: italic;">Flip Over</font>. If, after an Acquiring Person obtains 15% or more
                  of our common shares, (i) the Company merges into another entity; (ii) an acquiring entity merges into the Company; or (iii) the Company sells</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">or transfers 50% or more of its assets, cash flow or earning power, then each Right (except for Rights that have previously been
      voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of our common shares of the person engaging in the transaction having a then-current market value of twice the Exercise Price.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-style: italic;">Notional Shares</font>. Shares held by affiliates and associates of
                  an Acquiring Person, including certain entities in which the Acquiring Person beneficially owns a majority of the equity securities, and Notional Common Shares (as defined in the Rights Agreement) held by counterparties to a Derivatives
                  Contract (as defined in the Rights Agreement) with an Acquiring Person, will be deemed to be beneficially owned by the Acquiring Person.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Redemption</font>.
      The Board may redeem the Rights for $0.01 per Right at any time before any person or group becomes an Acquiring Person. If the Board redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of
      the Rights will be to receive the redemption price of $0.01 per Right. The redemption price will be adjusted if the Company has a stock dividend or a stock split.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exchange</font>.
      After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of our outstanding common shares, the Board may extinguish the Rights by exchanging one common share or an equivalent security for each Right, other
      than Rights held by the Acquiring Person. In certain circumstances, the Company may elect to exchange the Rights for cash or other securities of the Company having a value approximately equal to one common share.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Expiration</font>.
      The Rights expire on the earliest of (i) June 16, 2027; or (ii) the redemption or exchange of the Rights as described above.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Anti-Dilution
        Provision</font>s. The Board may adjust the purchase price of the Preferred Shares, the number of Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, or a
      reclassification of the Preferred Shares or our common shares. No adjustments to the Exercise Price of less than 1% will be made.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Amendments</font>.
      The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the Rights on or prior to the Distribution Date. Thereafter, the terms of the Rights and the Rights Agreement may be amended without
      the consent of the holders of Rights, with certain exceptions, in order to (i) cure any ambiguities; (ii) correct or supplement any provision contained in the Rights Agreement that may be defective or inconsistent with any other provision therein;
      (iii) shorten or lengthen any time period pursuant to the Rights Agreement; or (iv) make changes that do not adversely affect the interests of holders of the Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Taxes</font>. The
      distribution of Rights should not be taxable for federal income tax purposes. However, following an event that renders the Rights exercisable or upon redemption of the Rights, shareholders may recognize taxable income.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Dividend Reinvestment and Direct Stock Purchase Plan</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On November 6, 2013, a registration statement on Form F-3<strike>&#160;</strike>was declared effective by the SEC relating to the Dividend Reinvestment Plan for 1,664,450 common shares to allow existing shareholders to purchase additional common shares by reinvesting all or a
      portion of the dividends paid on their common shares. As at December 31, 2019, no new shares were issued pursuant to the plan.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Listing</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our common shares are listed on the NYSE under the symbol &#8220;NAT.&#8221;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Transfer Agent</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The registrar and transfer agent for our common shares is Computershare Trust Company, N.A.</div>
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<TYPE>EX-4.11
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<FILENAME>d8500640_ex4-11.htm
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  <div style="text-align: right; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 4.11</div>
  <div style="text-align: center; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED<br>
    SECOND AMENDED AND RESTATED 2011 EQUITY INCENTIVE PLAN</div>
  <div style="text-align: center; margin-left: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">ARTICLE I.<br>
    General</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">1.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Purpose</div>
            </td>
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  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Nordic American Tankers Limited Second Amended and Restated 2011&#160;Equity Incentive Plan (the&#160;&#8220;Plan&#8221;),
    which amends and restates the Amended and Restated 2011 Equity Incentive Plan (the &#8220;First Amended and Restated Plan&#8221;), which in turn amended and restated the 2011 Equity Incentive Plan (the &#8220;Original Plan&#8221;), is designed to provide certain Key Persons
    (as defined below), whose initiative and efforts are deemed to be important to the successful conduct of the business of Nordic American Tankers Limited (the&#160;&#8220;Company&#8221;), with incentives to (a)&#160;enter into and remain in the service of the Company or its
    Affiliates (as defined below), (b)&#160;acquire a proprietary interest in the success of the Company, (c)&#160;maximize their performance and (d)&#160;enhance the long-term performance of the Company.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z53e4c52602ad49c9a52a2ceab477d3d8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">1.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Administration</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Administration</u>.&#160; The Plan shall be administered by the
      Company&#8217;s Board of Directors (the &#8220;Board&#8221;) or such committee of the Board as may be designated by the Board to administer the Plan (the&#160;&#8220;Administrator&#8221;); <u>provided</u>
      that (i)&#160;in the event the Company is subject to Section&#160;16 of the U.S. Securities Exchange Act of 1934, as amended (the &#8220;1934&#160;Act&#8221;), the Administrator shall be composed of two or more directors, each of whom is a &#8220;Non-Employee Director&#8221; (a
      &#8220;Non-Employee Director&#8221;) under Rule&#160;16b-3 (as promulgated and interpreted by the Securities and Exchange Commission (the &#8220;SEC&#8221;) under the 1934&#160;Act, or any successor rule or regulation thereto as in effect from time to time (&#8220;Rule&#160;16b-3&#8221;)), and
      (ii)&#160;the Administrator shall be composed solely of two or more directors who are &#8220;independent directors&#8221; under the rules of any stock exchange on which the Company&#8217;s Common Stock (as defined below) is traded;<u> provided</u>&#160;<u>further</u>, <u>however</u>,
      that, (A)&#160;the requirement in the preceding clause&#160;(i) shall apply only when required to exempt an Award (as defined below) intended to qualify for an exemption under the applicable provisions referenced therein, (B)&#160;the requirement in the preceding
      clause&#160;(ii) shall apply only when required pursuant to the applicable rules of the applicable stock exchange and (C)&#160;if at any time the Administrator is not so composed as required by the preceding provisions of this sentence, that fact will not
      invalidate any grant made, or action taken, by the Administrator hereunder that otherwise satisfies the terms of the Plan.&#160; Subject to the terms of the Plan, applicable law, and the applicable rules and regulations of any stock exchange on which the
      Common Stock is listed for trading and in addition to other express powers and authorizations conferred on the Administrator by the Plan, the Administrator shall have the full power and authority to: (1)&#160;designate the Key Persons to receive Awards
      under the Plan; (2)&#160;determine the types of Awards granted to a participant under the Plan; (3)&#160;determine the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards;
      (4)&#160;determine the terms and conditions of any Awards; (5)&#160;determine whether, and to what extent, and under what circumstances, Awards may be settled or exercised in cash, shares, other securities, other Awards or other property, or cancelled,
      forfeited or suspended, and the methods by which Awards may be settled, exercised, cancelled, forfeited or suspended; (6)&#160;determine whether, to what extent, and under what circumstances cash, shares, other securities, other Awards, other property and
      other amounts payable with respect to an Award shall be deferred, either automatically or at the election of the holder thereof or the Administrator; (7)&#160;construe, interpret and implement the Plan and any Award Agreement (as defined below);
      (8)&#160;prescribe, amend, rescind or waive rules and regulations relating to the Plan, including rules governing its operation, and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (9)&#160; correct any defect,
      supply any omission and reconcile any inconsistency in the Plan or any Award Agreement; and (10)&#160;make any other determination and take any other action that the Administrator deems necessary or desirable for the administration of the Plan.&#160; Unless
      otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Administrator, may be made at any time and shall
      be final, conclusive and binding upon all Persons (as defined below).</font></div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
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  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>General Right of Delegation</u>.&#160; Except to the extent
      prohibited by applicable law, the applicable rules of a stock exchange or any charter, bylaws or other agreement governing the Administrator, the Administrator may delegate all or any part of its responsibilities to any Person or Persons selected by
      it; <u>provided</u>, <u>however</u>, that in no event shall an officer of the Company be
      delegated the authority to grant Awards to, or amend Awards held by, the following individuals: (i)&#160;individuals who are subject to Section&#160;16 of the 1934&#160;Act, to the extent applicable, or (ii)&#160;officers of the Company to whom authority to grant or
      amend Awards has been delegated hereunder or directors of the Company; <u>provided</u>, <u>further</u>,
      that any delegation of administrative authority shall only be permitted to the extent it is permissible under applicable securities laws (including, without limitation, Rule&#160;16b-3, to the extent applicable) and the rules of any applicable stock
      exchange.&#160; Any delegation hereunder shall be subject to the restrictions and limits that the Administrator specifies at the time of such delegation, and the Administrator may at any time rescind the authority so delegated or appoint a new delegatee.&#160;
      At all times, the delegatee appointed under this Section&#160;1.2(b) shall serve in such capacity at the pleasure of the Administrator.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Indemnification</u>.&#160; No member of the Board, the Administrator
      or any officer or employee of the Company or an Affiliate or any of their agents (each such Person, a&#160;"Covered Person") shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or
      any Award hereunder.&#160; Each Covered Person shall be indemnified and held harmless by the Company against and from (i)&#160;any loss, cost, liability or expense (including attorneys' fees) that may be imposed upon or incurred by such Covered Person in
      connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement
      and (ii) any and all amounts paid by such Covered Person, with the Company's approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; <u>provided</u> that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once the Company gives notice of its
      intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company's choice.&#160; The foregoing right of indemnification shall not be available to a Covered Person to the extent that a court of competent
      jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person's bad
      faith, fraud, dishonesty or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company's memorandum of association or bye-laws (in each case, as amended and/or restated).&#160; The foregoing
      right of indemnification shall not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the Company's memorandum of association or bye-laws (in each case, as amended and/or restated), as a matter of law,
      or otherwise, or any other power that the Company may have to indemnify such Persons or hold them harmless.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Delegation of Authority to Senior Officers</u>.&#160; The
      Administrator may, in accordance with and subject to the terms of Section&#160;1.2(b), delegate, on such terms and conditions as it determines, to one or more senior officers of the Company the authority to make grants of Awards to Key Persons who are
      employees of the Company and its Subsidiaries (as defined below)(including any such prospective employee) or consultants or service providers to (including Persons who are employed by or provide services to any entity that is itself a consultant or
      service provider to) the Company and its Subsidiaries.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(e)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Awards to Non-Employee Directors</u>.&#160; Notwithstanding anything
      to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards to Non-Employee Directors or administer the Plan with respect to such Awards.&#160; In any such case, the Board shall have all the
      authority and responsibility granted to the Administrator herein with respect to such Awards.</font></div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z2bb7b42d37294dbcbb85292b9ec1c3e3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">1.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Persons Eligible for Awards</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Persons eligible to receive Awards under the Plan are those directors, officers and employees
    (including any prospective officer or employee) of the Company and its Subsidiaries and Affiliates and consultants and service providers to (including Persons who are employed by or provide services to any entity that is itself a consultant or service
    provider to) the Company and its Subsidiaries and Affiliates (collectively, &#8220;Key Persons&#8221;) as the Administrator shall select.</div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z141025dab1d94a1fa44e6d364d4c5164" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">1.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Types of Awards</div>
            </td>
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    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Awards may be made under the Plan in the form of (a)&#160; non-qualified stock options (i.e.,&#160;stock options
    that are not &#8220;incentive stock options&#8221; for purposes of Sections&#160;421 and 422 of the Code (as defined below)), (b)&#160;stock appreciation rights, (c)&#160;restricted stock, (d)&#160;restricted stock units, (e)&#160;dividend equivalents, (f)&#160;unrestricted stock and (g)&#160;other
    equity-based or equity-related Awards, all as more fully set forth in the Plan.&#160; The term &#8220;Award&#8221; means any of the foregoing that are granted under the Plan.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z88c21aecf2e941e09d79781a4cb10994" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">1.5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Shares Available for Awards; Adjustments for Changes in Capitalization</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Maximum Number</u>.&#160; Subject to adjustment as provided in
      Section&#160;1.5(c), the aggregate number of shares of common stock of the Company, par value&#160;US$0.01(&#8220;Common Stock&#8221;), with respect to which Awards may at any time be granted under the Plan shall be 1,537,665 (of which 137,665 were granted under the First
      Amended and Restated Plan, and 400,000 were granted under the Original Plan).&#160; The following shares of Common Stock shall again become available for Awards under the Plan: (i)&#160;any shares that are subject to an Award under the Plan and that remain
      unissued upon the cancellation or termination of such Award for any reason whatsoever; (ii)&#160;any shares of restricted stock forfeited pursuant to the Plan or the applicable Award Agreement; <u>provided</u> that any dividend equivalent rights with respect to such shares that have not theretofore been directly remitted to the grantee are also forfeited; and (iii)&#160;any shares in respect of which an Award is
      settled for cash without the delivery of shares to the grantee.&#160; Any shares tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any Award shall again become available to be delivered pursuant to
      Awards under the Plan.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Source of Shares</u>.&#160; Shares issued pursuant to the Plan may
      be authorized but unissued Common Stock or treasury shares.&#160; The Administrator may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions on transferability as may apply to
      such shares.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Adjustments</u>.&#160; (i)&#160;&#160;In the event that any dividend or other
      distribution (whether in the form of cash, Company shares, other securities or other property), stock split, reverse stock split, reorganization, merger, consolidation, split-up, combination, repurchase or exchange of Company shares or other
      securities of the Company, issuance of warrants or other rights to purchase Company shares or other securities of the Company, or other similar corporate transaction or event, other than an Equity Restructuring (as defined below), affects the Company
      shares such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award, then the
      Administrator shall, in such manner as it may deem equitable, adjust any or all of the number of shares or other securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted under the
      Plan.</font></div>
  <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(ii)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">The Administrator is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of
      unusual or nonrecurring events (including the events described in Section&#160;1.5(c)(i) or the occurrence of a Change in Control (as defined below), other than an Equity Restructuring) affecting the Company, any Affiliate, or the financial statements of
      the Company or any Affiliate, or of changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting principles or law, whenever the Administrator determines that such adjustments are
      appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award, including providing for (A)&#160;adjustment to (1)&#160;the number of shares or other
      securities of the Company (or number and kind of other securities or property) subject to outstanding Awards or to which outstanding Awards relate and (2)&#160;the Exercise Price (as defined below) with respect to any Award and (B)&#160;a substitution or
      assumption of Awards, accelerating the exercisability or vesting of, or lapse of restrictions on, Awards, or accelerating the termination of Awards by providing for a period of time for exercise prior to the occurrence of such event, or, if deemed
      appropriate or desirable, providing for a cash payment to the holder of an outstanding Award in consideration for the cancellation of such Award (it being understood that, in such event, any option or stock appreciation right having a per share
      Exercise Price equal to, or in excess of, the Fair Market Value (as defined below) of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor); <u>provided</u><font style="font-style: italic;">, </font><u>however</u>, that with respect to options and stock appreciation rights, unless otherwise determined by the Administrator, such adjustment shall be made in accordance with the provisions of Section&#160;424(h) of the Code.</font></div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(iii)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">In the event of (A)&#160;a dissolution or liquidation of the Company, (B)&#160;a sale of all or substantially all the Company&#8217;s assets or (C)&#160;a merger,
      reorganization or consolidation involving the Company or one of its Subsidiaries, the Administrator shall have the power to:</font></div>
  <div style="text-align: justify; text-indent: 54pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">(1)&#160;&#160;provide that outstanding options, stock appreciation rights, restricted stock units (including any
    related dividend equivalent right) and/or other Awards granted under the Plan shall either continue in effect, be assumed or an equivalent award shall be substituted therefor by the successor entity or a parent entity or subsidiary entity;</div>
  <div style="text-align: justify; text-indent: 54pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">(2)&#160;&#160;cancel, effective immediately prior to the occurrence of such event, options, stock appreciation
    rights, restricted stock units (including each dividend equivalent right related thereto) and/or other Awards granted under the Plan outstanding immediately prior to such event (whether or not then exercisable) and, in full consideration of such
    cancellation, pay to the holder of such Award a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Administrator) of the shares subject to such Award (or the value of such Award, as determined
    by the Administrator, if not based on the Fair Market Value of shares) over the aggregate Exercise Price of such Award (or the grant price of such Award, if any, if applicable)(it being understood that, in such event, any option or stock appreciation
    right having a per share Exercise Price equal to, or in excess of, the Fair Market Value of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor); or</div>
  <div style="text-align: justify; text-indent: 54pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">(3)&#160;&#160;notify the holder of an option or stock appreciation right in writing or electronically that each
    option and stock appreciation right shall be fully vested and exercisable for a period of 30 days from the date of such notice, or such shorter period as the Administrator may determine to be reasonable, and the option or stock appreciation right shall
    terminate upon the expiration of such period (which period shall expire no later than immediately prior to the consummation of the corporate transaction).</div>
  <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(iv)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in this Section&#160;1.5(c):</font></div>
  <div style="text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(A)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">The number and type of securities or other property subject to each outstanding Award and the Exercise Price or grant price thereof, if
      applicable, shall be equitably adjusted; and</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(B)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">The Administrator shall make such equitable adjustments, if any, as the Administrator may deem appropriate to reflect such Equity Restructuring
      with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustment of the limitation set forth in Section&#160;1.5(a)).&#160; The adjustments provided under this Section&#160;1.5(c)(iv) shall be
      nondiscretionary and shall be final and binding on the affected participant and the Company.</font></div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
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  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zb67ca55c9efe414a8f4310f1425c0c78" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">1.6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Definitions of Certain Terms</div>
            </td>
          </tr>

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    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">&#8220;Affiliate&#8221; shall mean (i)&#160;any entity that, directly or indirectly, is controlled by, controls or is under common control with, the Company and
      (ii)&#160;any entity in which the Company has a significant equity interest, in either case as determined by the Administrator.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">Unless otherwise set forth in the applicable Award Agreement, in connection with a termination of employment or consultancy/service
      relationship or a dismissal from Board membership, for purposes of the Plan, the term &#8220;for Cause&#8221; shall be defined as follows:</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(i)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">if there is an employment, severance, consulting, service, change in control or other agreement governing the relationship between the grantee,
      on the one hand, and the Company or an Affiliate, on the other hand, that contains a definition of &#8220;cause&#8221; (or similar phrase), for purposes of the Plan, the term &#8220;for Cause&#8221; shall mean those acts or omissions that would constitute &#8220;cause&#8221; under such
      agreement; or</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(ii)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">if the preceding clause&#160;(i) is not applicable to the grantee, for purposes of the Plan, the term "for Cause" shall mean any of the following:</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(A)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 81pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">any failure by the grantee substantially to perform the grantee&#8217;s employment or consulting/service or Board membership duties;</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(B)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">any excessive unauthorized absenteeism by the grantee;</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(C)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">any refusal by the grantee to obey the lawful orders of the Board or any other Person to whom the grantee reports;</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(D)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">any act or omission by the grantee that is or may be injurious to the Company or any Affiliate, whether monetarily, reputationally or
      otherwise;</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(E)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">any act by the grantee that is inconsistent with the best interests of the Company or any Affiliate;</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(F)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">the grantee&#8217;s gross negligence that is injurious to the Company or any Affiliate, whether monetarily, reputationally or otherwise;</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(G)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">the grantee&#8217;s material violation of any of the policies of the Company or any Affiliate, as applicable, including, without limitation, those
      policies relating to discrimination or sexual harassment;</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(H)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">the grantee&#8217;s material breach of his or her employment or service contract with the Company or any Affiliate;</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(I)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">the grantee&#8217;s unauthorized (1)&#160;removal from the premises of the Company or any Affiliate of any document (in any medium or form) relating to
      the Company or any Affiliate or the customers or clients of the Company or any Affiliate or (2)&#160;disclosure to any Person of any of the Company&#8217;s, or any Affiliate&#8217;s, confidential or proprietary information;</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(J)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">the grantee&#8217;s being convicted of, or entering a plea of guilty or nolo contendere to, any crime that constitutes a felony or involves moral
      turpitude; and</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(K)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">the grantee&#8217;s commission of any act involving dishonesty or fraud.</font></div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Any rights the Company or any Affiliate may have under the Plan in respect of the events giving rise to a termination or
    dismissal &#8220;for Cause&#8221; shall be in addition to any other rights the Company or any Affiliate may have under any other agreement with a grantee or at law or in equity.&#160; Any determination of whether a grantee&#8217;s employment or consultancy/service
    relationship is (or is deemed to have been) terminated &#8220;for Cause&#8221; shall be made by the Administrator.&#160; If, subsequent to a grantee&#8217;s voluntary termination of employment or consultancy/service relationship or involuntary termination of employment or
    consultancy/service relationship without Cause, it is discovered that the grantee&#8217;s employment or consultancy/service relationship could have been terminated &#8220;for Cause&#8221;, the Administrator may deem such grantee&#8217;s employment or consultancy/service
    relationship to have been terminated &#8220;for Cause&#8221; upon such discovery and determination by the Administrator.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">&#8220;Code&#8221; shall mean the Internal Revenue Code of 1986, as amended.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">Unless otherwise set forth in the applicable Award Agreement, &#8220;Disability&#8221; shall mean the grantee&#8217;s being unable to engage in any substantial
      gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or the grantee&#8217;s, by reason of any medically
      determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under
      an accident and health plan covering employees of the grantee&#8217;s employer.&#160; The existence of a Disability shall be determined by the Administrator.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(e)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">&#8220;Equity Restructuring&#8221; shall mean a non-reciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split,
      reverse stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the shares of Common Stock (or other securities of the Company) or the share price thereof and causes a change in the per
      share value of the shares underlying outstanding Awards.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(f)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">&#8220;Exercise Price&#8221; shall mean (i)&#160;in the case of options, the price specified in the applicable Award Agreement as the price-per-share at which
      such share can be purchased pursuant to the option or (ii)&#160;in the case of stock appreciation rights, the price specified in the applicable Award Agreement as the reference price-per-share used to calculate the amount payable to the grantee.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(g)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">The &#8220;Fair Market Value&#8221; of a share of Common Stock on any day shall be the closing price on the New York Stock Exchange, or such other primary
      stock exchange upon which such shares are then listed, as reported for such day in The Wall Street Journal (or, if not reported in The Wall Street Journal, such other reliable source as the Administrator may determine), or, if no such price is
      reported for such day, the average of the high bid and low asked price of Common Stock as reported for such day.&#160; If no quotation is made for the applicable day, the Fair Market Value of a share of Common Stock on such day shall be determined in the
      manner set forth in the preceding sentence for the next preceding trading day.&#160; Notwithstanding the foregoing, if there is no reported closing price or high bid/low asked price that satisfies the preceding sentences, or if otherwise deemed necessary
      or appropriate by the Administrator, the Fair Market Value of a share of Common Stock on any day shall be determined by such methods and procedures as shall be established from time to time by the Administrator.&#160; The &#8220;Fair Market Value&#8221; of any
      property other than Common Stock shall be the fair market value of such property determined by such methods and procedures as shall be established from time to time by the Administrator.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(h)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">"Person" shall mean any individual, firm, corporation, partnership, limited liability company, trust, incorporated or unincorporated
      association, joint venture, joint stock company, governmental body or other entity of any kind.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(i)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">&#8220;Repricing&#8221; shall mean (i)&#160;lowering the Exercise Price of an option or a stock appreciation right after it has been granted, (ii)&#160;the
      cancellation of an option or a stock appreciation right in exchange for cash or another Award when the Exercise Price exceeds the Fair Market Value of the underlying shares subject to the Award and (iii)&#160;any other action with respect to an option or
      a stock appreciation right that is treated as a repricing under (A)&#160;generally accepted accounting principles or (B)&#160;any applicable stock exchange rules.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(j)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">&#8220;Subsidiary&#8221; shall mean any entity in which the Company, directly or indirectly, has a 50% or more equity interest.</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
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  </div>
  <div style="text-align: center; margin-left: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">ARTICLE II.<br>
    Awards Under The Plan</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zfd5ae010bf974a86a7dd740ae78a9a62" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Agreements Evidencing Awards</div>
            </td>
          </tr>

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    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Each Award granted under the Plan shall be evidenced by a written certificate (&#8220;Award Agreement&#8221;), which
    shall contain such provisions as the Administrator may deem necessary or desirable and which may, but need not, require execution or acknowledgment by a grantee.&#160; The Award shall be subject to all of the terms and provisions of the Plan and the
    applicable Award Agreement.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za3e7012c13ce425c8d201fdd6435d531" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Grant of Stock Options and Stock Appreciation Rights</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Stock Option Grants</u>.&#160; The Administrator may grant
      non-qualified stock options (&#8220;options&#8221;) to purchase shares of Common Stock from the Company to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall
      determine, subject to the provisions of the Plan.&#160; No option will be treated as an &#8220;incentive stock option&#8221; for purposes of the Code.&#160; It shall be the intent of the Administrator to not grant an Award in the form of stock options to any Key Person
      who is then subject to the requirements of Section&#160;409A of the Code with respect to such Award if the Common Stock underlying such Award does not then qualify as &#8220;service recipient stock&#8221; for purposes of Section&#160;409A.&#160; Furthermore, it shall be the
      intent of the Administrator, in granting options to Key Persons who are subject to Section&#160;409A and/or 457 of the Code, to structure such options so as to comply with the requirements of Section&#160;409A and/or 457 of the Code, as applicable.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Stock Appreciation Right Grants; Types of Stock Appreciation Rights</u>.&#160;
      The Administrator may grant stock appreciation rights to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of
      the Plan.&#160; The terms of a stock appreciation right may provide that it shall be automatically exercised for a payment upon the happening of a specified event that is outside the control of the grantee and that it shall not be otherwise exercisable.&#160;
      Stock appreciation rights may be granted in connection with all or any part of, or independently of, any option granted under the Plan.&#160; It shall be the intent of the Administrator to not grant an Award in the form of stock appreciation rights to any
      Key Person (i)&#160;who is then subject to the requirements of Section&#160;409A of the Code with respect to such Award if the Common Stock underlying such Award does not then qualify as &#8220;service recipient stock&#8221; for purposes of Section&#160;409A or (ii)&#160;if such
      Award would create adverse tax consequences for such Key Person under Section&#160;457A of the Code.&#160; Furthermore, it shall be the intent of the Administrator, in granting stock appreciation rights to Key Persons who are subject to Section 409A and/or
      Section 457A of the Code, to structure such stock appreciation rights so as to comply with the requirements of Section 409A and/or Section 457A of the Code, to the extent applicable.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Nature of Stock Appreciation Rights</u>.&#160; The grantee of a
      stock appreciation right shall have the right, subject to the terms of the Plan and the applicable Award Agreement, to receive from the Company an amount equal to (i)&#160;the excess of the Fair Market Value of a share of Common Stock on the date of
      exercise of the stock appreciation right over the Exercise Price of the stock appreciation right, multiplied by (ii)&#160;the number of shares with respect to which the stock appreciation right is exercised.&#160; Each Award Agreement with respect to a stock
      appreciation right shall set forth the Exercise Price of such Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price of a stock appreciation right shall equal the Fair Market Value of a share of Common Stock on
      the date of grant; <u>provided</u> that in no event may such Exercise Price be less than the greater of (A)&#160;the Fair Market Value of a share of Common Stock on the date of
      grant and (B)&#160;the par value of a share of Common Stock.&#160; Payment upon exercise of a stock appreciation right shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of exercise of the stock appreciation right) or
      any combination of both, all as the Administrator shall determine.&#160; Repricing of stock appreciation rights granted under the Plan shall not be permitted (1)&#160;to the extent such action could cause adverse tax consequences to the grantee under
      Sections&#160;409A or 457A of the Code or (2)&#160;without prior shareholder approval, to the extent such approval would be required to be obtained by the Company pursuant to the applicable rules of any applicable stock exchange on which the Common Stock is
      then listed, and any action that would be deemed to result in a Repricing of a stock appreciation right shall be deemed null and void if it would cause such adverse tax consequences or if any requisite shareholder approval related thereto is not
      obtained prior to the effective time of such action.&#160; Upon the exercise of a stock appreciation right granted in connection with an option, the number of shares subject to the option shall be reduced by the number of shares with respect to which the
      stock appreciation right is exercised.&#160; Upon the exercise of an option in connection with which a stock appreciation right has been granted, the number of shares subject to the stock appreciation right shall be reduced by the number of shares with
      respect to which the option is exercised.</font></div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Option Exercise Price</u>.&#160; Each Award Agreement with respect
      to an option shall set forth the Exercise Price of such Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price of an option shall equal the Fair Market Value of a share of Common Stock on the date of grant; <u>provided</u> that in no event may such Exercise Price be less than the greater of (i)&#160;the Fair Market Value of a share of Common Stock on the date of grant and (ii)&#160;the par
      value of a share of Common Stock.&#160; Repricing of options granted under the Plan shall not be permitted (1)&#160;to the extent such action could cause adverse tax consequences to the grantee under Sections&#160;409A or 457A of the Code or (2)&#160;without prior
      shareholder approval, to the extent such approval would be required to be obtained by the Company pursuant to the applicable rules of any applicable stock exchange on which the Common Stock is then listed, and any action that would be deemed to
      result in a Repricing of an option shall be deemed null and void if it would cause such adverse tax consequences or if any requisite shareholder approval related thereto is not obtained prior to the effective time of such action.</font></div>
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    <div>
      <table cellspacing="0" cellpadding="0" id="z42495f5347f34e878b0cdb5f285d2704" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
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            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Exercise of Options and Stock Appreciation Rights</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Subject to the other provisions of this Article&#160;II and the Plan, each option and stock appreciation right
    granted under the Plan shall be exercisable as follows:</div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Timing and Extent of Exercise</u>.&#160; Options and stock
      appreciation rights shall be exercisable at such times and under such conditions as determined by the Administrator and set forth in the corresponding Award Agreement, but in no event shall any portion of such Award be exercisable subsequent to the
      tenth anniversary of the date on which such Award was granted.&#160; Unless the applicable Award Agreement otherwise provides, an option or stock appreciation right may be exercised from time to time as to all or part of the shares as to which such Award
      is then exercisable.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Notice of Exercise</u>.&#160; An option or stock appreciation right
      shall be exercised by the filing of a written notice with the Company or the Company&#8217;s designated exchange agent (the &#8220;Exchange Agent&#8221;), on such form and in such manner as the Administrator shall prescribe.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Payment of Exercise Price</u>.&#160; Any written notice of exercise
      of an option shall be accompanied by payment for the shares being purchased.&#160; Such payment shall be made: (i)&#160;by certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for the full option Exercise
      Price; (ii)&#160;with the consent of the Administrator, which consent shall be given or withheld in the sole discretion of the Administrator, by delivery of shares of Common Stock having a Fair Market Value (determined as of the exercise date) equal to
      all or part of the option Exercise Price and a certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise Price; or (iii) at the sole discretion
      of the Administrator and to the extent permitted by law, by such other provision, consistent with the terms of the Plan, as the Administrator may from time to time prescribe (whether directly or indirectly through the Exchange Agent), or by any
      combination of the foregoing payment methods.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Delivery of Certificates Upon Exercise</u>.&#160; Subject to
      Sections&#160;3.2, 3.4 and&#160;3.13, promptly after receiving payment of the full option Exercise Price, or after receiving notice of the exercise of a stock appreciation right for which the Administrator determines payment will be made partly or entirely in
      shares, the Company or its Exchange Agent shall (i) deliver to the grantee, or to such other Person as may then have the right to exercise the Award, a certificate or certificates for the shares of Common Stock for which the Award has been exercised
      or, in the case of stock appreciation rights, for which the Administrator determines will be made in shares or (ii) establish an account evidencing ownership of the stock in uncertificated form.&#160; If the method of payment employed upon an option
      exercise so requires, and if applicable law permits, an optionee may direct the Company or its Exchange Agent, as the case may be, to deliver the stock certificate(s) to the optionee&#8217;s stockbroker.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(e)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>No Stockholder Rights</u>.&#160; No grantee of an option or stock
      appreciation right (or other Person having the right to exercise such Award) shall have any of the rights of a stockholder of the Company with respect to shares subject to such Award until the issuance of a stock certificate to such Person for such
      shares or an account in the name of the grantee evidences ownership of stock in uncertificated form.&#160; Except as otherwise provided in Section&#160;1.5(c), no adjustment shall be made for dividends, distributions or other rights (whether ordinary or
      extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such stock certificate is issued or the date an account evidencing ownership of the stock in uncertificated form notes receipt of such
      stock.</font></div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
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  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z445a18ad5cb545eeb7b6ba33e379b9e0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Termination of Employment/Service; Death Subsequent to a Termination of Employment/Service</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>General Rule</u>.&#160; Except to the extent otherwise provided in
      paragraphs&#160;(b), (c), (d), (e) or&#160;(f) of this Section&#160;2.4 or Section&#160;3.5(b)(iii), a grantee who incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates may exercise any outstanding
      option or stock appreciation right on the following terms and conditions: (i)&#160;exercise may be made only to the extent that the grantee was entitled to exercise the Award on the date of termination of employment or consultancy/service relationship, as
      applicable; and (ii)&#160;exercise must occur within three months after termination of employment or consultancy/service relationship but in no event after the original expiration date of the Award; it being understood that then outstanding options and
      stock appreciation rights shall not be affected by a change of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates so long as the grantee continues to be a director, officer or employee of, or a
      consultant or service provider to (or a Person employed by or providing services to any entity that that is itself a consultant or service provider to), the Company or any of its Subsidiaries or Affiliates.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Dismissal &#8220;for Cause&#8221;</u>.&#160; If a grantee incurs a termination
      of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates &#8220;for Cause&#8221;, all options and stock appreciation rights not theretofore exercised shall immediately terminate upon such termination of employment or
      consultancy/service relationship.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Retirement</u>.&#160; If a grantee incurs a termination of
      employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates as the result of his or her retirement (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at
      the time of such retirement, remain exercisable for a period of three years after such retirement; <u>provided</u> that in no event may such option or stock appreciation
      right be exercised following the original expiration date of the Award.&#160; For this purpose, unless otherwise set forth in the applicable Award Agreement, &#8220;retirement&#8221; shall mean a grantee&#8217;s resignation of employment or consultancy/service relationship
      with the Company and its Subsidiaries and Affiliates, with the Company&#8217;s or its applicable Affiliate&#8217;s prior consent, on or after (i)&#160;his or her 65th birthday, (ii)&#160;the date on which he or she has attained age&#160;60 and completed at least five years of
      service with the Company or one or more of its Affiliates (using any method of calculation the Administrator deems appropriate) or (iii)&#160;if approved by the Administrator, on or after his or her having completed at least 20&#160;years of service with the
      Company or one or more of its Affiliates (using any method of calculation the Administrator deems appropriate).</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Disability</u>.&#160; If a grantee incurs a termination of
      employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates by reason of a Disability, then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such termination,
      remain exercisable for a period of one year after such termination; <u>provided</u> that in no event may such option or stock appreciation right be exercised following the
      original expiration date of the Award.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(e)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Death</u>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(i)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><font style="font-style: italic;">Termination of Employment/Service as a Result of
        Grantee&#8217;s Death</font>.&#160; If a grantee incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates as the result of his or her death, then any outstanding option or stock appreciation
      right shall, to the extent exercisable at the time of such death, remain exercisable for a period of one year after such death; <u>provided</u> that in no event may such
      option or stock appreciation right be exercised following the original expiration date of the Award.</font></div>
  <div style="text-align: justify; text-indent: 63pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(ii)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><font style="font-style: italic;">Restrictions on Exercise Following Death</font>.&#160; Any
      such exercise of an Award following a grantee&#8217;s death shall be made only by the grantee&#8217;s executor or administrator or other duly appointed representative reasonably acceptable to the Administrator, unless the grantee&#8217;s will specifically disposes of
      such Award, in which case such exercise shall be made only by the recipient of such specific disposition.&#160; If a grantee&#8217;s personal representative or the recipient of a specific disposition under the grantee&#8217;s will shall be entitled to exercise any
      Award pursuant to the preceding sentence, such representative or recipient shall be bound by all the terms and conditions of the Plan and the applicable Award Agreement which would have applied to the grantee.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(f)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Administrator Discretion</u>.&#160; The Administrator may, in
      writing, waive or modify the application of the foregoing provisions of this Section&#160;2.4.</font></div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
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  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z73ff41dbeb0c4dbfb3321ad218df3f38" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Transferability of Options and Stock Appreciation Rights</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Except as otherwise specifically provided in this Plan or the applicable Award Agreement evidencing an
    option or stock appreciation right, during the lifetime of a grantee, each such Award granted to a grantee shall be exercisable only by the grantee, and no such Award may be sold, assigned, transferred, pledged or otherwise encumbered or disposed of
    other than by will or by the laws of descent and distribution.&#160; The Administrator may, in any applicable Award Agreement evidencing an option or stock appreciation right, permit a grantee to transfer all or some of the options or stock appreciation
    rights to (a)&#160;the grantee&#8217;s spouse, children or grandchildren (&#8220;Immediate Family Members&#8221;), (b)&#160;a trust or trusts for the exclusive benefit of such Immediate Family Members or (c)&#160;other parties approved by the Administrator.&#160; Following any such
    transfer, any transferred options and stock appreciation rights shall continue to be subject to the same terms and conditions as were applicable immediately prior to the transfer.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za34bb6f418f944f0aab618c903ed0645" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Grant of Restricted Stock</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Restricted Stock Grants</u>.&#160; The Administrator may grant
      restricted shares of Common Stock to such Key Persons, in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions as the Administrator shall determine, subject to the provisions of the Plan.&#160; A grantee of a
      restricted stock Award shall have no rights with respect to such Award unless such grantee accepts the Award within such period as the Administrator shall specify by accepting delivery of a restricted stock Award Agreement in such form as the
      Administrator shall determine.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Issuance of Stock Certificate</u>.&#160; Promptly after a grantee
      accepts a restricted stock Award in accordance with Section 2.6(a), subject to Sections&#160;3.2, 3.4 and 3.13, the Company or its Exchange Agent shall issue to the grantee a stock certificate or stock certificates for the shares of Common Stock covered
      by the Award or shall establish an account evidencing ownership of the stock in uncertificated form.&#160; Upon the issuance of such stock certificates, or establishment of such account, the grantee shall have the rights of a stockholder with respect to
      the restricted stock, subject to: (i)&#160;the nontransferability restrictions and forfeiture provisions described in the Plan (including paragraphs&#160;(d) and&#160;(e) of this Section&#160;2.6); (ii)&#160;in the Administrator&#8217;s sole discretion, a requirement, as set forth
      in the Award Agreement, that any dividends paid on such shares shall be held in escrow and, unless otherwise determined by the Administrator, shall remain forfeitable until all restrictions on such shares have lapsed; and (iii)&#160;any other restrictions
      and conditions contained in the applicable Award Agreement.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Custody of S</u>tock<u> Certificate</u>.&#160; Unless the Administrator shall otherwise determine, any stock certificates issued evidencing shares of restricted stock shall remain in the possession of the Company (or such other
      custodian as may be designated by the Administrator) until such shares are free of any restrictions specified in the applicable Award Agreement.&#160; The Administrator may direct that such stock certificates bear a legend setting forth the applicable
      restrictions on transferability.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Nontransferability</u>.&#160; Shares of restricted stock may not be
      sold, assigned, transferred, pledged or otherwise encumbered or disposed of prior to the lapsing of all restrictions thereon, except as otherwise specifically provided in this Plan or the applicable Award Agreement.&#160; The Administrator at the time of
      grant shall specify the date or dates (which may depend upon or be related to the attainment of performance goals and other conditions) on which the nontransferability of the restricted stock shall lapse.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(e)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Consequence of Termination of Employment/Service</u>.&#160; Unless
      otherwise set forth in the applicable Award Agreement, (i)&#160;a grantee&#8217;s termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates for any reason other than death or Disability shall cause the
      immediate forfeiture of all shares of restricted stock that have not yet vested as of the date of such termination of employment or consultancy/service relationship and (ii)&#160;if a grantee incurs a termination of employment or consultancy/service
      relationship with the Company and its Subsidiaries and Affiliates as the result of his or her death or Disability, all shares of restricted stock that have not yet vested as of the date of such termination shall immediately vest as of such date; it
      being understood that then outstanding restricted stock Awards shall not be affected by a change of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates so long as the grantee continues to be a director,
      officer or employee of, or a consultant or service provider to (or a Person employed by or providing services to any entity that that is itself a consultant or service provider to), the Company or any of its Subsidiaries or Affiliates.&#160; Unless
      otherwise determined by the Administrator, all dividends paid on shares forfeited under this Section&#160;2.6(e) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement
      under which such dividends are held or otherwise.&#160; The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section&#160;2.6(e).</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z3a48398589c3440a9a0b3da4a7547a72" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Grant of Restricted Stock Units</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Restricted Stock Unit Grants</u>.&#160; The Administrator may grant
      restricted stock units to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan.&#160; A restricted stock
      unit granted under the Plan shall confer upon the grantee a right to receive from the Company, conditioned upon the occurrence of such vesting event as shall be determined by the Administrator and specified in the Award Agreement, the number of such
      grantee&#8217;s restricted stock units that vest upon the occurrence of such vesting event multiplied by the Fair Market Value of a share of Common Stock on the date of vesting.&#160; Payment upon vesting of a restricted stock unit shall be in cash or in shares
      of Common Stock (valued at their Fair Market Value on the date of vesting) or both, all as the Administrator shall determine, and such payments shall be made to the grantee at such time as provided in the Award Agreement, which the Administrator
      shall intend to be (i)&#160;if Section&#160;409A of the Code is applicable to the grantee, within the period required by Section&#160;409A such that it qualifies as a &#8220;short-term deferral&#8221; pursuant to Section&#160;409A and the Treasury Regulations issued thereunder,
      unless the Administrator shall provide for deferral of the Award intended to comply with Section&#160;409A, (ii)&#160;if Section&#160;457A of the Code is applicable to the grantee, within the period required by Section&#160;457A(d)(3)(B) such that it qualifies for the
      exemption thereunder, or (iii)&#160;if Sections&#160;409A and 457A of the Code are not applicable to the grantee, at such time as determined by the Administrator.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Dividend Equivalents</u>.&#160; The Administrator may include in any
      Award Agreement with respect to a restricted stock unit a dividend equivalent right entitling the grantee to receive amounts equal to the ordinary dividends that would be paid, during the time such Award is outstanding and unvested, and/or, if
      payment of the vested Award is deferred, during the period of such deferral following such vesting event, on the shares of Common Stock underlying such Award if such shares were then outstanding.&#160; In the event such a provision is included in a Award
      Agreement, the Administrator shall determine whether such payments shall be (i)&#160;paid to the holder of the Award, as specified in the Award Agreement, either (A)&#160;at the same time as the underlying dividends are paid, regardless of the fact that the
      restricted stock unit has not theretofore vested, (B)&#160;at the time at which the Award&#8217;s vesting event occurs, conditioned upon the occurrence of the vesting event, (C)&#160;once the Award has vested, at the same time as the underlying dividends are paid,
      regardless of the fact that payment of the vested restricted stock unit has been deferred, and/or (D)&#160;at the time at which the corresponding vested restricted stock units are paid, (ii)&#160;made in cash, shares of Common Stock or other property and
      (iii)&#160;subject to such other vesting and forfeiture provisions and other terms and conditions as the Administrator shall deem appropriate and as shall be set forth in the Award Agreement.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>No Stockholder Rights</u>.&#160; No grantee of a restricted stock
      unit shall have any of the rights of a stockholder of the Company with respect to such Award unless and until a stock certificate is issued with respect to such Award upon the vesting of such Award or an account in the name of the grantee evidences
      ownership of stock in uncertificated form (it being understood that the Administrator shall determine whether to pay any vested restricted stock unit in the form of cash or Company shares or both), which issuance shall be subject to Sections 3.2, 3.4
      and 3.13.&#160; Except as otherwise provided in Section 1.5(c), no adjustment to any restricted stock unit shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other property)
      for which the record date is prior to the date such stock certificate, if any, is issued or the date an account evidencing ownership of the stock in uncertificated form notes receipt of such stock.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">&#160;<u>Nontransferability.&#160; No restricted stock unit granted under the Plan
          may be sold, assigned, transferred, pledged or otherwise encumbered or disposed of, except as otherwise specifically provided in this Plan or the applicable Award Agreement.</u></font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(e)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Consequence of Termination of Employment/Service</u>.&#160; Unless
      otherwise set forth in the applicable Award Agreement, (i)&#160;a grantee&#8217;s termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates for any reason other than death or Disability shall cause the
      immediate forfeiture of all restricted stock units that have not yet vested as of the date of such termination of employment or consultancy/service relationship and (ii)&#160;if a grantee incurs a termination of employment or consultancy/service
      relationship with the Company and its Subsidiaries and Affiliates as the result of his or her death or Disability, all restricted stock units that have not yet vested as of the date of such termination shall immediately vest as of such date; it being
      understood that then outstanding restricted stock units shall not be affected by a change of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates so long as the grantee continues to be a director,
      officer or employee of, or a consultant or service provider to (or a Person employed by or providing services to any entity that that is itself a consultant or service provider to), the Company or any of its Subsidiaries or Affiliates.&#160; Unless
      otherwise determined by the Administrator, any dividend equivalent rights on any restricted stock units forfeited under this Section&#160;2.7(e) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by
      termination of any escrow arrangement under which such dividends are held or otherwise.&#160; The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section&#160;2.7(e).</font></div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z8e0704b09fff458f885f6a44fa2f8aa7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Grant of Unrestricted Stock</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Administrator may grant (or sell at a purchase price at least equal to par value) shares of Common
    Stock free of restrictions under the Plan to such Key Persons and in such amounts and subject to such forfeiture provisions as the Administrator shall determine.&#160; Shares may be thus granted or sold in respect of past services or other valid
    consideration.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z52db0bf5136b4e6c95c0e41469718e83" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.9.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Other Stock-Based Awards</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Subject to the provisions of the Plan (including, without limitation, Section&#160;3.16), the Administrator
    shall have the sole and complete authority to grant to Key Persons other equity-based or equity-related Awards in such amounts and subject to such terms and conditions as the Administrator shall determine; <u>provided</u> that any such Awards must comply with applicable law and, to the extent deemed desirable by the Administrator, Rule&#160;16b-3.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zce8a770a9590489cb6ef741fda1975d9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.10.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Dividend Equivalents</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Subject to the provisions of the Plan (including, without limitation, Section&#160;3.16), in the discretion of
    the Administrator, an Award, other than an option or stock appreciation right, may provide the Award recipient with dividends or dividend equivalents, payable in cash, shares, other securities, other Awards or other property, on a current or deferred
    basis, on such terms and conditions as may be determined by the Administrator, including, without limitation, payment directly to the Award recipient, withholding of such amounts by the Company subject to vesting of the Award, or reinvestment in
    additional shares, restricted shares or other Awards.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: center; margin-left: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">ARTICLE III.<br>
    Miscellaneous</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z59307fd3af004005a343bfe1639e33bb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Amendment of the Plan; Modification of Awards</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Amendment of the Plan</u>.&#160; The Board may from time to time
      suspend, discontinue, revise or amend the Plan in any respect whatsoever, except that no such amendment shall materially impair any rights or materially increase any obligations under any Award theretofore made under the Plan without the consent of
      the grantee (or, upon the grantee&#8217;s death, the Person having the rights to the Award).&#160; For purposes of this Section&#160;3.1, any action of the Board or the Administrator that in any way alters or affects the tax treatment of any Award shall not be
      considered to materially impair any rights of any grantee.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Stockholder Approval Requirement</u>.&#160; If required by
      applicable rules or regulations of a national securities exchange or the SEC, the Company shall obtain stockholder approval with respect to any amendment to the Plan that (i)&#160;expands the types of Awards available under the Plan, (ii)&#160;materially
      increases the aggregate number of shares which may be issued under the Plan, except as permitted pursuant to Section&#160;1.5(c), (iii)&#160;materially increases the benefits to participants under the Plan, including any material change to (A)&#160;permit, or that
      has the effect of, a Repricing of any outstanding Award, (B)&#160;reduce the price at which shares or options to purchase shares may be offered or (C)&#160;extend the duration of the Plan, or (iv)&#160;materially expands the class of Persons eligible to receive
      Awards under the Plan.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Modification of Awards</u>.&#160; The Administrator may cancel any
      Award under the Plan.&#160; The Administrator also may amend any outstanding Award Agreement, including, without limitation, by amendment which would: (i)&#160;accelerate the time or times at which the Award becomes unrestricted, vested or may be exercised;
      (ii)&#160;waive or amend any goals, restrictions or conditions set forth in the Award Agreement; or (iii)&#160;waive or amend the operation of Section&#160;2.4, 2.6(e) or 2.7(c) with respect to the termination of the Award upon termination of employment or
      consultancy/service relationship or dismissal from the Board; <u>provided</u>, <u>however</u>,
      that no such amendment shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Award.&#160; However, any such cancellation or amendment (other than an amendment pursuant
      to Section&#160;1.5, 3.5 or 3.16) that materially impairs the rights or materially increases the obligations of a grantee under an outstanding Award shall be made only with the consent of the grantee (or, upon the grantee&#8217;s death, the Person having the
      rights to the Award).&#160; In making any modification to an Award (<u>e.g.</u>, an amendment resulting in a direct or indirect reduction in the Exercise Price or a waiver or
      modification under Section&#160;2.4(f), 2.6(e) or 2.7(c)), the Administrator may consider the implications, if any, of such modification under the Code with respect to Sections&#160;409A and 457A of the Code in respect of Awards granted under the Plan to
      individuals subject to such provisions of the Code.</font></div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zdc3e17eb25214dd8b8dcec60bb081e63" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Consent Requirement</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>No Plan Action Without Required Consent</u>.&#160; If the
      Administrator shall at any time determine that any Consent (as defined below) is necessary or desirable as a condition of, or in connection with, the granting of any Award under the Plan, the issuance or purchase of shares or other rights thereunder,
      or the taking of any other action thereunder (each such action being hereinafter referred to as a &#8220;Plan Action&#8221;), then such Plan Action shall not be taken, in whole or in part, unless and until such Consent shall have been effected or obtained to the
      full satisfaction of the Administrator.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Consent Defined</u>.&#160; The term &#8220;Consent&#8221; as used herein with
      respect to any Plan Action means (i)&#160;any and all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state or local law, rule or regulation, (ii)&#160;any and all written agreements and
      representations by the grantee with respect to the disposition of shares, or with respect to any other matter, which the Administrator shall deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to
      obtain an exemption from the requirement that any such listing, qualification or registration be made and (iii)&#160;any and all consents, clearances and approvals in respect of a Plan Action by any governmental or other regulatory bodies or any other
      Person.</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z09866e086ab64a17b7cfacd42deaaf4f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Nonassignability</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Except as provided in Sections&#160;2.4(e), 2.5, 2.6(d) or 2.7(e),<font style="font-weight: bold; font-style: italic;">&#160;</font>(a)&#160;no Award or right granted to any Person under the Plan or under any Award Agreement shall be assignable or transferable other than by will or by the laws of descent and
    distribution and (b)&#160;all rights granted under the Plan or any Award Agreement shall be exercisable during the life of the grantee only by the grantee or the grantee&#8217;s legal representative or the grantee&#8217;s permissible successors or assigns (as
    authorized and determined by the Administrator).&#160; All terms and conditions of the Plan and the applicable Award Agreements will be binding upon any permitted successors or assigns.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z478d3512408c492182a94559cf864568" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Taxes</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Withholding</u>.&#160; A grantee or other Award holder under the
      Plan shall be required to pay, in cash, to the Company, and the Company and its Affiliates shall have the right and are hereby authorized to withhold from any Award, from any payment due or transfer made under any Award or under the Plan or from any
      compensation or other amount owing to such grantee or other Award holder, the amount of any applicable withholding taxes in respect of an Award, its grant, its exercise, its vesting, or any payment or transfer under an Award or under the Plan, and to
      take such other action as may be necessary in the opinion of the Company to satisfy all obligations for payment of such taxes.&#160; Whenever shares of Common Stock are to be delivered pursuant to an Award under the Plan, with the approval of the
      Administrator, which the Administrator shall have sole discretion whether or not to give, the grantee may satisfy the foregoing condition by electing to have the Company withhold from delivery shares having a value equal to the amount of minimum tax
      required to be withheld.&#160; Such shares shall be valued at their Fair Market Value as of the date on which the amount of tax to be withheld is determined.&#160; Fractional share amounts shall be settled in cash.&#160; Such a withholding election may be made with
      respect to all or any portion of the shares to be delivered pursuant to an Award as may be approved by the Administrator in its sole discretion.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Liability for Taxes</u>.&#160; Grantees and holders of Awards are
      solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with Awards (including, without limitation, any taxes arising under Sections&#160;409A and 457A of the Code) and the Company shall not have any
      obligation to indemnify or otherwise hold any such Person harmless from any or all of such taxes.&#160; The Administrator shall have the discretion to organize any deferral program, to require deferral election forms, and to grant or, notwithstanding
      anything to the contrary in the Plan or any Award Agreement, to unilaterally modify any Award in a manner that (i)&#160;conforms with the requirements of Sections&#160;409A and 457A of the Code (to the extent applicable), (ii)&#160;voids any participant election to
      the extent it would violate Section&#160;409A or 457A of the Code (to the extent applicable) and (iii)&#160;for any distribution event or election that could be expected to violate Section&#160;409A of the Code, make the distribution only upon the earliest of the
      first to occur of a "permissible distribution event" within the meaning of Section&#160;409A of the Code or a distribution event that the participant elects in accordance with Section&#160;409A of the Code.&#160; The Administrator shall have the sole discretion to
      interpret the requirements of the Code, including, without limitation, Sections&#160;409A and 457A, for purposes of the Plan and all Awards.</font></div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z1191cb5b171b430db2a8a8697ae22d52" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Change in Control</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 31.5pt; margin-left: 40.5pt;"><font style="font-family: 'Times New Roman', serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Change in Control Defined</u>.&#160; Unless otherwise set forth in the applicable Award
      Agreement, for purposes of the Plan, &#8220;Change in Control&#8221; shall mean the occurrence of any of the following:</font></div>
  <div style="text-align: justify; text-indent: 31.5pt; margin-left: 40.5pt;"><font style="font-family: 'Times New Roman', serif;"> <br>
    </font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(i)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">any &#8220;person&#8221; (as defined in Section&#160;13(d)(3) of the 1934&#160;Act), company or other entity acquires &#8220;beneficial ownership&#8221; (as defined in
      Rule&#160;13d-3 under the 1934&#160;Act), directly or indirectly, of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company; provided, however, that no Change in Control shall have occurred in the
      event of such an acquisition by (A)&#160;the Company, (B)&#160;any trustee or other fiduciary holding securities under an employee benefit plan of the Company or an Affiliate, or (C)&#160;any company or other entity owned, directly or indirectly, by the holders of
      the voting stock ordinarily entitled to elect directors of the Company in substantially the same proportions as their ownership of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior
      to such acquisition;</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(ii)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">the sale of all or substantially all the Company&#8217;s assets in one or more related transactions to any &#8220;person&#8221; (as defined in Section&#160;13(d)(3)
      of the 1934 Act), company or other entity; <u>provided</u>, <u>however</u>, that no Change in
      Control shall have occurred in the event of such a sale (A)&#160;to a Subsidiary which does not involve a material change in the equity holdings of the Company, or (B)&#160;to an entity (the &#8220;Acquiring Entity&#8221;) which has acquired all or substantially all the
      Company&#8217;s assets if, immediately following such sale, 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity (or, if applicable, the ultimate parent entity that directly or
      indirectly has beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity) is beneficially owned by the holders of the voting stock ordinarily entitled to
      elect directors of the Company immediately prior to such sale in substantially the same proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to such sale;</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(iii)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif;">any
      merger, consolidation, reorganization or similar event of the Company or any Subsidiary; <u>provided</u>, <u>however</u>, that no Change in Control shall have occurred in the event 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the surviving entity (or, if applicable, the ultimate
      parent entity that directly or indirectly has beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the surviving entity) is beneficially owned by the holders of the voting
      stock ordinarily entitled to elect directors of the Company immediately prior to such event in substantially the same proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately
      prior to such event;</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif;">the
      approval by the Company&#8217;s stockholders of a plan of complete liquidation or dissolution of the Company; or</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(v)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">during any period of 12 consecutive calendar months, individuals:</font></div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z55ebdc0e356a48aeaee532460040ed49" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 144pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(A)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">who were directors of the Company on the first day of such period, or</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za8f878b040024846ac2ee60171a45b88" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 144pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(B)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">whose election or nomination for election to the Board was recommended or approved by at least a majority of the directors then still in office who were directors of the
                Company on the first day of such period, or whose election or nomination for election were so approved,</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 90pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">shall cease to constitute a majority of the Board.</div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Notwithstanding the foregoing, unless otherwise set forth in the applicable Award Agreement, for each Award subject to
    Section&#160;409A of the Code, a Change in Control shall be deemed to have occurred under this Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the
    assets of the Company shall also be deemed to have occurred under Section&#160;409A of the Code, <u>provided</u> that such limitation shall apply to such Award only to the extent
    necessary to avoid adverse tax effects under Section&#160;409A of the Code.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Effect of a Change in Control</u>.&#160; Unless the Administrator
      provides otherwise in an Award Agreement, upon the occurrence of a Change in Control:</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(i)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">notwithstanding any other provision of this Plan, any Award then outstanding shall become fully vested and any forfeiture provisions thereon
      imposed pursuant to the Plan and the applicable Award Agreement shall lapse and any Award in the form of an option or stock appreciation right shall be immediately exercisable;</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(ii)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">to the extent permitted by law and not otherwise limited by the terms of the Plan, the Administrator may amend any Award Agreement in such
      manner as it deems appropriate;</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(iii)</font>&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif;">a
      grantee who incurs a termination of employment or consultancy/service relationship for any reason, other than a termination or dismissal &#8220;for Cause&#8221;, concurrent with or within one year following the Change in Control may exercise any outstanding
      option or stock appreciation right, but only to the extent that the grantee was entitled to exercise the Award on the date of his or her termination of employment or consultancy/service relationship, until the earlier of (A)&#160;the original expiration
      date of the Award and (B)&#160;the later of (x)&#160;the date provided for under the terms of Section&#160;2.4 without reference to this Section&#160;3.5(b)(iii) and (y)&#160;the first anniversary of the grantee&#8217;s termination of employment or consultancy/service
      relationship.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Miscellaneous</u>.&#160; Whenever deemed appropriate by the
      Administrator, any action referred to in paragraph&#160;(b)(ii) of this Section&#160;3.5 may be made conditional upon the consummation of the applicable Change in Control transaction.</font></div>
  <div style="text-align: justify; margin-bottom: 9pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zb3723347018e40e4b39a4630e16dbc9f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Operation and Conduct of Business</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Nothing in the Plan or any Award Agreement shall be construed as limiting or preventing the Company or
    any Affiliate from taking any action with respect to the operation and conduct of its business that it deems appropriate or in its best interests, including any or all adjustments, recapitalizations, reorganizations, exchanges or other changes in the
    capital structure of the Company or any Affiliate, any merger or consolidation of the Company or any Affiliate, any issuance of Company shares or other securities or subscription rights, any issuance of bonds, debentures, preferred or prior preference
    stock ahead of or affecting the Common Stock or other securities or rights thereof, any dissolution or liquidation of the Company or any Affiliate, any sale or transfer of all or any part of the assets or business of the Company or any Affiliate, or
    any other corporate act or proceeding, whether of a similar character or otherwise.</div>
  <div style="text-align: justify; margin-bottom: 9pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z573424ebab6d40d79fd205704d0ecabf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">No Rights to Awards</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">No Key Person or other Person shall have any claim to be granted any Award under the Plan.</div>
  <div style="text-align: justify; margin-bottom: 9pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="ze0209e70e3044afa9512d4a0798e0f2b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Right of Discharge Reserved</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Nothing in the Plan or in any Award Agreement shall confer upon any grantee the right to continue his or
    her employment with the Company or any Affiliate, his or her consultancy/service relationship with the Company or any Affiliate, or his or her position as a director of the Company or any Affiliate, or affect any right that the Company or any Affiliate
    may have to terminate such employment or consultancy/service relationship or service as a director.</div>
  <div style="text-align: justify; margin-bottom: 9pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z1851097b11514d26a3838df029a00249" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.9.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Non-Uniform Determinations</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 9pt; font-family: 'Times New Roman', serif;">The Administrator&#8217;s determinations and the treatment of Key Persons and grantees and their beneficiaries
    under the Plan need not be uniform and may be made and determined by the Administrator selectively among Persons who receive, or who are eligible to receive, Awards under the Plan (whether or not such Persons are similarly situated).&#160; Without limiting
    the generality of the foregoing, the Administrator shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Award Agreements, as to (a)&#160;the Persons to receive Awards under the
    Plan, (b)&#160;the types of Awards granted under the Plan, (c)&#160;the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards and (d)&#160;the terms and conditions of Awards.</div>
  <div style="text-align: justify; margin-bottom: 9pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="ze060afd06211468cb995892775697dc0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.10.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Other Payments or Awards</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Nothing contained in the Plan shall be deemed in any way to limit or restrict the Company from making any
    award or payment to any Person under any other plan, arrangement or understanding, whether now existing or hereafter in effect.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; margin-bottom: 9pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z23404d00090f45d99d6c34dc226387b2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.11.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Headings</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Any section, subsection, paragraph or other subdivision headings contained herein are for the purpose of
    convenience only and are not intended to expand, limit or otherwise define the contents of such section, subsection, paragraph or subdivision.</div>
  <div style="text-align: justify; margin-bottom: 9pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z6575b68b7b0d465bae13ef89d7e8f1d8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.12.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Effective Date and Term of Plan</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Adoption; Stockholder Approval</u>.&#160; The Plan was adopted by
      the Board on October 11, 2019, with the First Amended and Restated Plan being adopted by the Board on December&#160;22, 2015, and the Original Plan being adopted by the Board on February 11, 2011.&#160; The Board may, but need not, make the granting of any
      Awards under the Plan subject to the approval of the Company&#8217;s stockholders.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><u>Termination of Plan</u>.&#160; The Board may terminate the Plan at
      any time.&#160; All Awards made under the Plan prior to its termination shall remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreements.&#160; No Awards may
      be granted under the Plan following the tenth anniversary of the date on which the Plan was adopted by the Board.</font></div>
  <div style="text-align: justify; margin-bottom: 9pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za160bf4e7b784b98a216fc8b27df610d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.13.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Restriction on Issuance of Stock Pursuant to Awards</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company shall not permit any shares of Common Stock to be issued pursuant to Awards granted under the
    Plan unless such shares of Common Stock are fully paid and non-assessable under applicable law.&#160; Notwithstanding anything to the contrary in the Plan or any Award Agreement, at the time of the exercise of any Award, at the time of vesting of any Award,
    at the time of payment of shares of Common Stock in exchange for, or in cancellation of, any Award, or at the time of grant of any unrestricted shares under the Plan, the Company and the Administrator may, if either shall deem it necessary or advisable
    for any reason, require the holder of an Award (a)&#160;to represent in writing to the Company that it is the Award holder&#8217;s then-intention to acquire the shares with respect to which the Award is granted for investment and not with a view to the
    distribution thereof or (b)&#160;to postpone the date of exercise until such time as the Company has available for delivery to the Award holder a prospectus meeting the requirements of all applicable securities laws; and no shares<font style="font-weight: bold; font-style: italic;">&#160;</font>shall be issued or transferred in connection with any Award unless and until all legal requirements applicable to the issuance or transfer of such shares have
    been complied with to the satisfaction of the Company and the Administrator.&#160; The Company and the Administrator shall have the right to condition any issuance of shares to any Award holder hereunder on such Person&#8217;s undertaking in writing to comply
    with such restrictions on the subsequent transfer of such shares as the Company or the Administrator shall deem necessary or advisable as a result of any applicable law, regulation or official interpretation thereof, and all share certificates
    delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Company or the Administrator may deem advisable under the Plan, the applicable Award Agreement or the rules, regulations and other requirements of the
    SEC, any stock exchange upon which such shares are listed, and any applicable securities or other laws, and certificates representing such shares may contain a legend to reflect any such restrictions.&#160; The Administrator may refuse to issue or transfer
    any shares or other consideration under an Award if it determines that the issuance or transfer of such shares or other consideration might violate any applicable law or regulation or entitle the Company to recover the same under Section&#160;16(b) of the
    1934&#160;Act, and any payment tendered to the Company by a grantee or other Award holder in connection with the exercise of such Award shall be promptly refunded to the relevant grantee or other Award holder.&#160; Without limiting the generality of the
    foregoing, no Award granted under the Plan shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding, unless and until the Administrator has determined that any such offer, if made, would be in compliance
    with all applicable requirements of any applicable securities laws.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z76411cc0c7ec4f8ca9a20a668f9a690c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.14.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Requirement of Notification of Election Under Section&#160;83(b) of the Code</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If an Award recipient, in connection with the acquisition of Company shares under the Plan, makes an
    election under Section&#160;83(b) of the Code (to include in gross income in the year of transfer the amounts specified in Section&#160;83(b) of the Code), the grantee shall notify the Administrator of such election within ten days of filing notice of the
    election with the U.S.&#160;Internal Revenue Service, in addition to any filing and notification required pursuant to regulations issued under Section&#160;83(b) of the Code.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zb928d9289d114e42af246f94dcf3facb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.15.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Severability</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or
    unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Administrator, such provision shall be construed or deemed amended to conform to the applicable laws or, if
    it cannot be construed or deemed amended without, in the determination of the Administrator, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the
    Plan and any such Award shall remain in full force and effect.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z92b8c7bfba6743c88b5a8b038acbed9a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.16.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Sections 409A and 457A</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with
    Sections&#160;409A and 457A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder.&#160; Notwithstanding any provision of the Plan or any applicable Award Agreement to the contrary, in the event that the
    Administrator determines that any Award may be subject to Section&#160;409A or 457A of the Code, the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments,
    policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (i)&#160;exempt the Plan and Award from Sections&#160;409A and 457A of the Code and/or preserve the intended tax
    treatment of the benefits provided with respect to the Award, or (ii)&#160;comply with the requirements of Sections&#160;409A and 457A of the Code and related Department of Treasury guidance and thereby avoid the application of penalty taxes under Sections&#160;409A
    and 457A of the Code.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z81dc41e57e2c4e8d85497786fed414f5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.17.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Forfeiture; Clawback</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Administrator may, in its sole discretion, specify in the applicable Award Agreement that any
    realized gain with respect to options or stock appreciation rights and any realized value with respect to other Awards shall be subject to forfeiture or clawback, in the event of (a)&#160;a grantee&#8217;s breach of any non-competition, non-solicitation,
    confidentiality or other restrictive covenants with respect to the Company or any Affiliate, (b)&#160;a grantee&#8217;s breach of any employment or consulting agreement with the Company or any Affiliate, (c)&#160;a grantee&#8217;s termination for Cause or (d)&#160;a financial
    restatement that reduces the amount of compensation under the Plan previously awarded to a grantee that would have been earned had results been properly reported.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman',serif;">
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.18.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;"><font style="font-weight: bold;">No Trust or Fund Created</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any
    kind or a fiduciary relationship between the Company or any Affiliate and an Award recipient or any other Person.&#160; To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right
    shall be no greater than the right of any unsecured general creditor of the Company or its Affiliate.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zdffdb5082ebe4017a6026cc78b98a807" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.19.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">No Fractional Shares</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">No fractional shares shall be issued or delivered pursuant to the Plan or any Award, and the
    Administrator shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional shares or whether such fractional shares or any rights thereto shall be canceled, terminated, or otherwise
    eliminated.</div>
  <div style="text-align: justify; margin-bottom: 9pt;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z0ac44cbc83c34f3795a33f79c25c71c3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.20.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Governing Law</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Plan will be construed and administered in accordance with the laws of the State of New York, without
    giving effect to principles of conflict of laws.</div>
  <br>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
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<DOCUMENT>
<TYPE>EX-4.14
<SEQUENCE>4
<FILENAME>d8517608_ex4-14.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
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  </div>
  <div style="text-align: right; font-weight: bold;"><font style="font-size: 12pt;">Exhibit 4.14</font><br>
  </div>
  <div style="text-align: right; font-weight: bold;"><font style="font-size: 12pt;"> <br>
    </font></div>
  <div style="text-align: right; font-weight: bold;"> <br>
  </div>
  <div style="text-align: right; font-weight: bold;"> <br>
  </div>
  <div style="text-align: right; font-weight: bold;">EXECUTION COPY<font style="font-size: 12pt;"><br>
    </font></div>
  <div style="text-align: right;"><font style="font-weight: bold;"> </font><br>
  </div>
  <div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">Common Share<br>
      (par value $0.01 per share)</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">At Market Issuance Sales Agreement</div>
    <div style="text-align: right; margin-top: 10.95pt; margin-bottom: 12pt; font-size: 12pt;">March 29, 2019</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">B. Riley FBR, Inc.<br>
      299 Park Avenue, 21st Floor<br>
      New York, NY 10171</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Nordic American Tankers Limited, a limited company formed under the laws of Bermuda (the &#8220;<u>Company</u>&#8221;), confirms its agreement (this &#8220;<u>Agreement</u>&#8221;) with B. Riley FBR, Inc. (the &#8220;<u>Agent</u>&#8221;) as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Issuance and Sale of Shares</u>. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth
        herein, it may issue and sell through or to the Agent, as sales agent or principal, shares (the &#8220;<u>Placement Shares</u>&#8221;); of the Company&#8217;s common shares, par
        value $0.01 per share (the &#8220;<u>Common Share</u>&#8221;);<font style="font-style: italic;"> provided
          however, </font>that in no event shall the Company issue or sell through the Agent such number of Placement Shares that (a) exceeds the number of shares or dollar amount of Common Share registered on the effective Registration Statement (as
        defined below) pursuant to which the offering is being made or (b) exceeds the number of shares or dollar amount registered on the Prospectus Supplement (as defined below) (the lesser of (a) or (b) the &#8220;<u>Maximum Amount</u>&#8221;).&#160;Notwithstanding anything to the contrary contained herein, the parties hereto agree that
        compliance with the limitations set forth in this <u>Section 1</u> on the number of Placement Shares issued and sold under this Agreement shall be the sole
        responsibility of the Company and that the Agent shall have no obligation in connection with such compliance. The issuance and sale of Placement Shares through the Agent will be effected pursuant to the Registration Statement (as defined below),
        although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue any Placement Shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended and the rules
      and regulations thereunder (the &#8220;<u>Securities Act</u>&#8221;), with the Securities and Exchange Commission (the &#8220;Commission&#8221;), a registration statement on Form F-3 (File
      No. 333-[228603]), including a base prospectus, relating certain securities including the Placement Shares to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in
      accordance with the provisions of the Securities Exchange Act of 1934, as amended and the rules and regulations thereunder (the &#8220;<u>Exchange Act</u>&#8221;). The Company
      has prepared a prospectus supplement to the base prospectus included as part of such registration statement specifically relating to the Placement Shares (the &#8220;<u>Prospectus
          Supplement</u>&#8221;).&#160;The Company will furnish to the Agent, for use by the Agent, copies of the base prospectus</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>
    <!--PROfilePageNumberReset%Num%2%%%-->
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Placement Shares.
      Except where the context otherwise requires, such registration statement, and any post-effective amendment thereto, including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a
      Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430B of the Securities Act, or any subsequent registration
      statement on Form F-3 filed pursuant to Rule 415(a)(6) under the Securities Act by the Company to cover any Placement Shares or any subsequent registration statement on Form F-3 filed pursuant to 462(b) under the Securities Act, is herein called the
      &#8220;<u>Registration Statement</u>.&#8221; The base prospectus, including all documents incorporated or deemed incorporated therein by reference to the extent such information
      has not been superseded or modified in accordance with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act), included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form
      in which such base prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act is herein called the &#8220;<u>Prospectus</u>.&#8221; Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein, and
      any reference herein to the terms &#8220;amend,&#8221; &#8220;amendment&#8221; or &#8220;supplement&#8221; with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission
      incorporated by reference therein (the &#8220;<u>Incorporated Documents</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">For purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or
      supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System, or if applicable, the Interactive Data Electronic Application system when used by
      the Commission (collectively, &#8220;<u>EDGAR</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Placements</u>. Each time that the Company wishes to issue and sell Placement Shares hereunder (each, a &#8220;<u>Placement</u>&#8221;), it will notify the Agent by electronic mail (or other method mutually agreed to in writing by the parties) of the number of Placement Shares, the time period during which sales are requested to be
        made, any limitation on the number of Placement Shares that may be sold in any one day and any minimum price below which sales may not be made (a &#8220;<u>Placement Notice</u>&#8221;),
        the form of which is attached hereto as <u>Schedule 1</u>. The Placement Notice shall originate from any of the individuals from the Company set forth on <u>Schedule 3</u> (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from the
        Agent set forth on <u>Schedule 3</u>, as such <u>Schedule 3</u> may be amended
        from time to time. The Placement Notice shall be effective immediately upon receipt by the Agent unless and until (i) the Agent declines to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire amount of the
        Placement Shares thereunder has been sold, (iii) the Company suspends or terminates the Placement Notice, which suspension and termination rights may be exercised by the Company in its sole discretion, or (iv) this Agreement has been terminated
        under the provisions of <u> Section 13</u>. The amount of any discount, commission or other compensation to be paid by the Company to the Agent in connection with
        the sale of the Placement Shares shall be calculated in accordance with the terms set forth in <u>Schedule 2</u>. It is</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">expressly acknowledged and agreed that neither the Company nor the Agent will have any obligation whatsoever with respect to a
      Placement or any Placement Shares unless and until the Company delivers a Placement Notice to the Agent and the Agent does not decline such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and
      herein. In the event of a conflict between the terms of <u>Sections 2</u> or 3 of this Agreement and the terms of a Placement Notice, the terms of the Placement
      Notice will control.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Sale of Placement Shares by the Agent</u>. Subject to the terms and conditions of this Agreement, for the period specified in a Placement Notice, the Agent will use
        its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the New York Stock Exchange (the &#8220;<u>Exchange</u>&#8221;), to sell the Placement Shares up to the amount specified in, and otherwise in accordance with the terms of, such Placement Notice. The Agent will provide written confirmation to the
        Company no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the compensation
        payable by the Company to the Agent pursuant to <u>Section 2</u> with respect to such sales, and the Net Proceeds (as defined below) payable to the Company, with
        an itemization of the deductions made by the Agent (as set forth in <u>Section 5(b)</u>) from the gross proceeds that it receives from such sales. Subject to the
        terms of a Placement Notice, the Agent may sell Placement Shares by any method permitted by law deemed to be an &#8220;at the market offering&#8221; as defined in Rule 415 of the Securities Act. &#8220;<u>Trading Day</u>&#8221; means any day on which shares of Common Share are purchased and sold on the Exchange.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Suspension of Sales</u>. The Company or the Agent may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the
        other party set forth on <u>Schedule 3</u>, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other
        than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on <u>Schedule 3</u>), suspend any sale of Placement Shares (a &#8220;<u>Suspension</u>&#8221;);<font style="font-style: italic;"> provided, however, </font>that such suspension shall not affect or impair any party&#8217;s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. While a
        Suspension is in effect, any obligation under <u>Sections 7(1)</u>,<u> 7(m)</u>,
        and <u>7(n)</u> with respect to the delivery of certificates, opinions, or comfort letters to the Agent, shall be waived. Each of the parties agrees that no such
        notice under this <u>Section 4</u> shall be effective against any other party unless it is made to one of the individuals named on <u>Schedule 3</u> hereto, as such Schedule may be amended from time to time.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Sale and Delivery to the Agent; Settlement</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">a.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Sale of Placement Shares</u>. On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, upon the
        Agent&#8217;s acceptance of the terms of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Agent, for the period
        specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the Exchange to sell such</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Placement Shares up to the amount specified in, and otherwise in accordance with the terms of, such Placement Notice. The Company
      acknowledges and agrees that (i) there can be no assurance that the Agent will be successful in selling Placement Shares, (ii) the Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement
      Shares for any reason other than a failure by the Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the Exchange to
      sell such Placement Shares as required under this Agreement and (iii) the Agent shall be under no obligation to purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by the Agent and the Company.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">b.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Settlement of Placement Shares</u>. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will occur on the second
        (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Trading Day (or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each, a &#8220;<u>Settlement
            Date</u>&#8221;). The Agent shall notify the Company of each sale of Placement Shares no later than opening day following the Trading Day that the Agent sold Placement Shares. The amount of proceeds to be delivered to the Company on a
        Settlement Date against receipt of the Placement Shares sold (the &#8220;<u>Net Proceeds</u>&#8221;) will be equal to the aggregate sales price received by the
        Agent, after deduction for (i) the Agent&#8217;s commission, discount or other compensation for such sales payable by the Company pursuant to Section 2 hereof, and (ii) any transaction fees imposed by any governmental or self-regulatory organization in
        respect of such sales.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">c.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Delivery of Placement Shares</u>. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Placement
        Shares being sold by crediting the Agent&#8217;s or its designee&#8217;s account (provided the Agent shall have given the Company written notice of such designee and such designee&#8217;s account information at least one Trading Day prior to the Settlement Date) at
        The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered shares
        in good deliverable form. On each Settlement Date, the Agent will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that if the Company, or its
        transfer agent (if applicable), defaults in its obligation to deliver Placement Shares on a Settlement Date through no fault of the Agent, then in addition to and in no way limiting the rights and obligations set forth in <u>Section 11(a)</u> hereto, it will (i) hold the Agent harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal fees and
        expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable) and (ii) pay to the Agent (without duplication) any commission, discount, or other compensation to which it would
        otherwise have been entitled absent such default.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">d.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Limitations on Offering Size</u>. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares if, after giving effect to the
        sale of such Placement Shares, the aggregate number of Placement Shares sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Placement Shares under this Agreement, the Maximum Amount, (B) the amount available
        for offer and sale under the currently effective Registration Statement and (C) the amount authorized from time to time to be issued and sold</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">under this Agreement by the Company&#8217;s board of directors, a duly authorized committee thereof or a duly authorized executive
      committee, and notified to the Agent in writing. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by
      the Company&#8217;s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to the Agent in writing.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Representations and Warranties of the Company</u>. Except as disclosed in the Registration Statement or Prospectus (including the Incorporated Documents), the
        Company represents and warrants to, and agrees with the Agent that as of the date of this Agreement and as of each Applicable Time (as defined below), unless such representation, warranty or agreement specifies a different date or time:</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">a.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Registration Statement and Prospectus</u>. The transactions contemplated by this Agreement meet the requirements for and comply with the conditions for the use of
        Form F-3 under the Securities Act. The Company is a &#8220;foreign private issuer&#8221; as such term is defined in Rule 3b-4 under the Exchange Act. The Registration Statement has been filed with the Commission and has been declared effective under the
        Securities Act. The Prospectus Supplement will name the Agent as the agent in the section entitled &#8220;Plan of Distribution.&#8221; The Company has not received, and has no notice of, any order of the Commission preventing or suspending the use of the
        Registration Statement, or threatening or instituting proceedings for that purpose. The Registration Statement and the offer and sale of Placement Shares as contemplated hereby meet the requirements of Rule 415 under the Securities Act and comply
        in all material respects with said Rule. Any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so
        described or filed, as applicable. Copies of the Registration Statement, the Prospectus, and any such amendments or supplements and all documents incorporated by reference therein that were filed with the Commission on or prior to the date of this
        Agreement have been delivered, or are available through EDGAR, to the Agent and its counsel. The Company has not distributed and, prior to the later to occur of each Settlement Date and completion of the distribution of the Placement Shares, will
        not distribute any offering material in connection with the offering or sale of the Placement Shares other than the Registration Statement and the Prospectus and any Issuer Free Writing Prospectus (as defined below) to which the Agent has
        consented, which consent will not be unreasonably withheld or delayed, or that is required by applicable law or the listing maintenance requirements of the Exchange. The Common Share is currently quoted on the Exchange under the trading symbol
        &#8220;NAT.&#8221; The Company has not, in the 12 months preceding the date hereof, received notice from the Exchange to the effect that the Company is not in compliance with the listing or maintenance requirements of the Exchange. To the Company&#8217;s knowledge,
        it is in compliance with all such listing and maintenance requirements.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">b.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Misstatement or Omission</u>. At each Settlement Date, the Registration Statement and the Prospectus, as of such date, will conform in all material respects with
        the requirements of the Securities Act. The Registration Statement, when it became or becomes effective, did not, and will not, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
        necessary to make the statements therein not misleading. The Prospectus and any amendment and supplement thereto, on the date thereof and at each Applicable Time (defined below), did not or will not include an untrue statement of a</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which
      they were made, not misleading. The documents incorporated by reference in the Prospectus or any Prospectus Supplement did not, and any further documents filed and incorporated by reference therein will not, when filed with the Commission, contain an
      untrue statement of a material fact or omit to state a material fact required to be stated in such document or necessary to make the statements in such document, in light of the circumstances under which they were made, not misleading. The foregoing
      shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with, information furnished to the Company by the Agent specifically for use in the preparation thereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">c.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Conformity with Securities Act and Exchange Act</u>. The Registration Statement, the Prospectus, any Issuer Free Writing Prospectus or any amendment or supplement
        thereto, and the Incorporated Documents, when such documents were or are filed with the Commission under the Securities Act or the Exchange Act or became or become effective under the Securities Act, as the case may be, conformed or will conform in
        all material respects with the requirements of the Securities Act and the Exchange Act, as applicable.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">d.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Financial Information</u>. The consolidated financial statements of the Company included or incorporated by reference in the Registration Statement and the
        Prospectus, together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and the Subsidiaries (as defined below) as of the dates indicated and the consolidated results
        of operations, cash flows and changes in stockholders&#8217; equity of the Company and the Subsidiaries for the periods specified (subject, in the case of unaudited statements, to normal year-end audit adjustments which will not be material, either
        individually or in the aggregate) and have been prepared in compliance with the published requirements of the Securities Act and Exchange Act, as applicable, and in conformity with generally accepted accounting principles in the United States
        (&#8220;GAAP&#8221;) applied on a consistent basis (except (i) for such adjustments to accounting standards and practices as are noted therein and (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or
        summary statements) during the periods involved; the other financial and statistical data with respect to the Company and the Subsidiaries contained or incorporated by reference in the Registration Statement and the Prospectus, are accurately and
        fairly presented and prepared on a basis consistent with the financial statements and books and records of the Company; there are no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the
        Registration Statement, or the Prospectus that are not included or incorporated by reference as required; the Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off balance sheet
        obligations), not described in the Registration Statement, and the Prospectus which are required to be described in the Registration Statement or Prospectus; and all disclosures contained or incorporated by reference in the Registration Statement
        and the Prospectus, if any, regarding &#8220;non-GAAP financial measures&#8221; (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K under
        the Securities Act, to the extent applicable.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">e.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Conformity with EDGAR Filing</u>. The Prospectus delivered to the Agent for use in connection with the sale of the Placement Shares pursuant to this Agreement will
        be identical to the versions of the Prospectus created to be transmitted to the Commission for filing via</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
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    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">EDGAR, except to the extent permitted by Regulation S-T.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">f.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Organization</u>. The Company and any subsidiary that is a significant subsidiary (as such term is defined in Rule 1-02 of Regulation S-X promulgated by the
        Commission) (each, a &#8220;<u>Subsidiary</u>,&#8221; collectively, the &#8220;<u>Subsidiaries</u>&#8221;),
        are, and will be, duly organized, validly existing as a corporation and in good standing under the laws of their respective jurisdictions of organization. The Company and the Subsidiaries are duly licensed or qualified as a foreign corporation for
        transaction of business and in good standing under the laws of each other jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such license or qualification, and have all
        corporate power and authority necessary to own or hold their respective properties and to conduct their respective businesses as described in the Registration Statement and the Prospectus, except where the failure to be so qualified or in good
        standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect on the assets, business, operations, earnings, properties, condition (financial or otherwise), prospects, stockholders&#8217; equity or
        results of operations of the Company and the Subsidiaries taken as a whole, or prevent the consummation of the transactions contemplated hereby (a &#8220;<u>Material Adverse
            Effect</u>&#8221;).</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">g.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Subsidiaries</u>. As of the date hereof, the Company&#8217;s only Subsidiaries are set forth on <u>Schedule 6(g)</u>. The Company owns directly or indirectly, all of the equity interests of the Subsidiaries free and clear of any lien, charge, security interest, encumbrance, right of first refusal or other restriction, and all
        the equity interests of the Subsidiaries are validly issued and are fully paid, nonassessable and free of preemptive and similar rights.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">h.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Violation or Default</u>. Neither the Company nor any Subsidiary is (i) in violation of its charter or by-laws or similar organizational documents; (ii) in
        default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan
        agreement or other similar agreement or instrument to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary is bound or to which any of the property or assets of the Company or any Subsidiary is subject; or (iii)
        in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of each of clauses (ii) and (iii) above, for any such violation or default that
        would not, individually or in the aggregate, have a Material Adverse Effect. To the Company&#8217;s knowledge, no other party under any material contract or other agreement to which it or any Subsidiary is a party is in default in any respect thereunder
        where such default would have a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">i.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Material Adverse Effect</u>. Since the date of the most recent financial statements of the Company included or incorporated by reference in the Registration
        Statement and Prospectus, there has not been (i) any Material Adverse Effect, or any development that would result in a Material Adverse Effect, (ii) any transaction which is material to the Company and the Subsidiaries taken as a whole, (iii) any
        obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company or the Subsidiaries, which is material to the Company and the Subsidiaries taken as a whole, (iv) any material change in the
        capital stock (other than (A) the grant of additional options under the Company&#8217;s existing stock option plans, (B) changes in the number of outstanding Common Share of the Company due to the issuance of</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">shares upon the exercise or conversion of securities exercisable for, or convertible into, Common Share outstanding on the date
      hereof, (C) as a result of the issuance of Placement Shares, (D) any repurchases of capital stock of the Company, (E) as described in a proxy statement or information statement filed on Form 6-K, or a Registration Statement on Form S-4, or (F)
      otherwise publicly announced) or outstanding long-term indebtedness of the Company or the Subsidiaries or (v) any dividend or distribution of any kind declared, paid or made on the capital stock of the Company or any Subsidiary, other than in each
      case above in the ordinary course of business or as otherwise disclosed in the Registration Statement or Prospectus (including any document incorporated by reference therein).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">j.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Capitalization</u>. The issued and outstanding shares of capital stock of the Company have been validly issued, are fully paid and non-assessable and, other than as
        disclosed in the Registration Statement or the Prospectus, are not subject to any preemptive rights, rights of first refusal or similar rights. The Company has an authorized, issued and outstanding capitalization as set forth in the Registration
        Statement and the Prospectus as of the dates referred to therein (other than (i) the grant of additional options under the Company&#8217;s existing stock option plans, (ii) changes in the number of outstanding Common Share of the Company due to the
        issuance of shares upon the exercise or conversion of securities exercisable for, or convertible into, Common Share outstanding on the date hereof, (iii) as a result of the issuance of Placement Shares, or (iv) any repurchases of capital stock of
        the Company) and such authorized capital stock conforms to the description thereof set forth in the Registration Statement and the Prospectus. The description of the Common Share in the Registration Statement and the Prospectus is complete and
        accurate in all material respects. Except as disclosed in or contemplated by the Registration Statement or the Prospectus, the Company did not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities
        or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or sell, any shares of capital stock or other securities.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">k.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>F-3 Eligibility</u>. (i) At the time of filing the Registration Statement and (ii) at the time of the most recent amendment thereto for the purposes of complying
        with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), the Company met the then applicable
        requirements for use of Form F-3 under the Securities Act, including compliance with General Instruction I.B.1 of Form F-3, as applicable.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">l.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Authorization</u><u>;</u><u> Enforceability</u>. The
        Company has full legal right, power and authority to enter into this Agreement and perform the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company and is a legal, valid and binding
        agreement of the Company enforceable against the Company in accordance with its terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights
        generally and by general equitable principles and (ii) the indemnification and contribution provisions of <u>Section 11</u> hereof may be limited by federal or
        state securities laws and public policy considerations in respect thereof.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">m.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Authorization of Placement Shares</u>. The Placement Shares, when issued and delivered pursuant to the terms approved by the board of directors of the Company or a
        duly</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">authorized committee thereof, or a duly authorized executive committee, against payment therefor as provided herein, will be duly and
      validly authorized and issued and fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or other claim (other than any pledge, lien, encumbrance, security interest or other claim arising from an act or
      omission of the Agent or a purchaser), including any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant to Section 12 of the Exchange Act. The Placement Shares,
      when issued, will conform in all material respects to the description thereof set forth in or incorporated into the Prospectus.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">n.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Consents Required</u>. No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or any governmental or
        regulatory authority is required for the execution, delivery and performance by the Company of this Agreement, and the issuance and sale by the Company of the Placement Shares as contemplated hereby, except for such consents, approvals,
        authorizations, orders and registrations or qualifications (i) as may be required under applicable state securities laws or by the by-laws and rules of the Financial Industry Regulatory Authority <u>(</u>&#8220;<u>FINRA</u>&#8221;) or the Exchange, including any notices that may be required by the Exchange, in connection with the sale
        of the Placement Shares by the Agent, (ii) as may be required under the Securities Act and (iii) as have been previously obtained by the Company.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">o.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Preferential Rights</u>. (i) No person, as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act (each, a &#8220;<u>Person</u>&#8221;), has the right, contractual or otherwise, to cause the Company to issue or sell to such Person any Common Share or shares of any other capital stock or
        other securities of the Company (other than upon the exercise of options or warrants to purchase Common Share or upon the exercise of options that may be granted from time to time under the Company&#8217;s stock option plan), (ii) no Person has any
        preemptive rights, rights of first refusal, or any other rights (except pursuant to Shareholder Rights Agreement dated as of June 16, 2017 by and between the Company and Computershare Trust Company, N.A.) to purchase any Common Share or shares of
        any other capital stock or other securities of the Company from the Company which have not been duly waived with respect to the offering contemplated hereby, (iii) no Person has the right to act as an underwriter or as a financial advisor to the
        Company in connection with the offer and sale of the Common Share, and (iv) no Person has the right, contractual or otherwise, to require the Company to register under the Securities Act any Common Share or shares of any other capital stock or
        other securities of the Company, or to include any such shares or other securities in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of
        the Placement Shares as contemplated thereby or otherwise, except in each case for such rights as have been waived on or prior to the date hereof.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">p.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Independent Public Accountant</u>. KPMG AS (the &#8220;<u>Accountant</u>&#8221;), whose
        report on the consolidated financial statements of the Company is filed with the Commission as part of the Company&#8217;s most recent Annual Report on Form 20-F filed with the Commission and incorporated into the Registration Statement, are and, during
        the periods covered by their report, were independent public accountants within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). To the Company&#8217;s knowledge, the Accountant is not in violation of
        the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the &#8220;<u>Sarbanes-Oxley Act</u>&#8221;) with respect to the Company.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">q.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Enforceability of Agreements</u>. All agreements between the Company and third parties expressly referenced in the Prospectus, other than such agreements that have
        expired by their terms or whose termination is disclosed in documents filed by the Company on EDGAR, are legal, valid and binding obligations of the Company and, to the Company&#8217;s knowledge, enforceable in accordance with their respective terms,
        except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&#8217; rights generally and by general equitable principles and (ii) the indemnification provisions of
        certain agreements may be limited by federal or state securities laws or public policy considerations in respect thereof, and except for any unenforceability that, individually or in the aggregate, would not have a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">r.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Litigation</u>. There are no legal or governmental proceedings pending or threatened to which the Company or any Subsidiary is a party or to which any of the
        properties of the Company or any Subsidiary is subject (i) other than proceedings accurately described in all material respects in the Prospectus and proceedings that would not have a Material Adverse Effect on the Company and its subsidiaries,
        taken as a whole, or on the power or ability of the Company to perform its obligations under this Agreement or to consummate the transactions contemplated by the Prospectus or (ii) that are required to be described in the Registration Statement or
        the Prospectus and are not so described; and there are no statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement
        that are not described or filed as required.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">s.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Licenses and Permits</u>. The Company and the Subsidiaries possess or have obtained, all licenses, certificates, consents, orders, approvals, permits and other
        authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the
        conduct of their respective businesses and operations as currently conducted, as described in the Registration Statement and the Prospectus (the &#8220;<u>Permits</u>&#8221;),
        except where the failure to possess, obtain or make the same would not, individually or in the aggregate, have a Material Adverse Effect. Neither the Company nor any Subsidiary has received written notice of any proceeding relating to revocation or
        modification of any such Permit or has any reason to believe that such Permit will not be renewed in the ordinary course, except where the failure to obtain any such renewal would not, individually or in the aggregate, have a Material Adverse
        Effect.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">t.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Material Defaults</u>. Neither the Company nor any Subsidiary has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more
        long-term leases, which defaults, individually or in the aggregate, would have a Material Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form
        20-F, indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults,
        individually or in the aggregate, would have a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">u.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Certain Market Activities</u>. Neither the Company, nor any Subsidiary, nor, to the knowledge of the Company, any of their respective directors, officers or
        controlling persons has taken, directly or indirectly, any action designed, or that has constituted or would cause or</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">result in, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any security of the Company to
      facilitate the sale or resale of the Placement Shares.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">v.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Broker/Dealer Relationships</u>. Neither the Company nor any Subsidiary or any related entities (i) is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance
        with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a &#8220;person associated with a member&#8221; or &#8220;associated person of a member&#8221; (within the meaning set forth in the FINRA Manual).</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">w.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Reliance</u>. The Company has not relied upon the Agent or legal counsel for the Agent for any legal, tax or accounting advice in connection with the offering and
        sale of the Placement Shares.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">x.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Taxes</u>. The Company and the Subsidiaries have filed all federal, state, local and foreign tax returns which have been required to be filed and paid all taxes
        shown thereon through the date hereof, to the extent that such taxes have become due and are not being contested in good faith, except where the failure to do so would not have a Material Adverse Effect. Except as otherwise disclosed in or
        contemplated by the Registration Statement or the Prospectus, no tax deficiency has been determined adversely to the Company or any Subsidiary which has had, or would have, individually or in the aggregate, a Material Adverse Effect. The Company
        has no knowledge of any federal, state or other governmental tax deficiency, penalty or assessment which has been or might be asserted or threatened against it which would have a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">y.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Title to Real and Personal Property</u>. The Company and the Subsidiaries have good and valid title in fee simple to all items of real property and good and valid
        title to all personal property described in the Registration Statement or Prospectus as being owned by them that are material to the businesses of the Company or such Subsidiary, in each case free and clear of all liens, encumbrances and claims,
        except those that (i) do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries or (ii) would not, individually or in the aggregate, have a Material Adverse Effect. Any real property
        described in the Registration Statement or Prospectus as being leased by the Company and the Subsidiaries is held by them under valid, existing and enforceable leases, except those that (A) do not materially interfere with the use made or proposed
        to be made of such property by the Company or the Subsidiaries or (B) would not, individually or in the aggregate, have a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">z.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Intellectual Property</u>. Except as otherwise disclosed in the Registration Statement and Prospectus, the Company and the Subsidiary does not own or possess any
        material trade names, trademark registrations, service marks, service mark registrations, Internet domain name registrations, copyrights, copyright registrations, (collectively, the &#8220;<u>Intellectual Property</u>&#8221;),<u>&#160;</u>necessary for the conduct of their respective businesses as conducted as of the date hereof.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">aa.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Compliance with Applicable Laws</u>. The Company has not been advised, and has no reason to believe, that it and each of its subsidiaries are not conducting business
        in compliance with all applicable laws, rules and regulations of the jurisdictions in which it is conducting business, except where failure to be so in compliance would not result in a Material Adverse Change.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">bb.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Environmental Laws</u>. The Company and the Subsidiaries (i) are in compliance with any and all applicable federal, state, local and foreign laws, rules,
        regulations, decisions and orders relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, &#8220;<u>Environmental&#160; Laws</u>&#8221;); (ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses as
        described in the Registration Statement and the Prospectus; and (iii) have not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes,
        pollutants or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for any such failure to comply or failure to receive required permits, licenses, other approvals or liability as would not, individually or in the
        aggregate, have a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">cc.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Disclosure Controls</u>. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed
        in accordance with management&#8217;s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is
        permitted only in accordance with management&#8217;s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any
        differences. The Company is not aware of any material weaknesses in its internal control over financial reporting (other than as set forth in the Registration Statement or the Prospectus). Since the date of the latest audited financial statements
        of the Company included in the Prospectus, there has been no change in the Company&#8217;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial
        reporting (other than as set forth in the Registration Statement or the Prospectus). The Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) that comply with the requirements of the
        Exchange Act. The Company&#8217;s certifying officers have evaluated the effectiveness of the Company&#8217;s controls and procedures as of a date within 90 days prior to the filing date of the Form 20-F for the fiscal year most recently ended (such date, the
        &#8220;<u>Evaluation Date</u>&#8221;). The Company presented in its Form 20-F for the fiscal year most recently ended the conclusions of the certifying officers about the
        effectiveness of the disclosure controls and procedures based on their evaluations as of the most recent Evaluation Date, and the &#8220;disclosure controls and procedures&#8221; are effective.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">dd.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Sarbanes-Oxley Act</u>. There is and has been no failure on the part of the Company or, to the knowledge of the Company, any of the Company&#8217;s directors or officers,
        in their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of the principal executive officer and the principal financial
        officer of the Company (or each former principal executive officer of the Company and each former principal fmancial officer of the Company as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with
        respect to all reports, schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission during the past 12 months. For purposes of the preceding sentence, &#8220;principal executive officer&#8221; and &#8220;principal
        financial officer&#8221; shall have the meanings given to such terms in the Exchange Act Rules 13a-15 and 15d-15.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">ee.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Finder&#8217;s Fees</u>. Neither the Company nor any Subsidiary has incurred any liability for any finder&#8217;s fees, brokerage commissions or similar payments in connection
        with the transactions herein contemplated, except as may otherwise exist with respect to the Agent pursuant to this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">ff.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Vessels</u>. Except as otherwise disclosed in the Registration Statement and Prospectus, all of the vessels described in the Registration Statement and the
        Prospectus are owned directly by the Company or subsidiaries of the Company. Each of such vessels (the &#8220;Owned Vessels&#8221;), to the knowledge of the Company, has been duly and validly registered as a vessel under the laws and regulations and flag of
        the applicable jurisdiction; each Company subsidiary has good title to the applicable Owned Vessel, free and clear of all mortgages, pledges, liens, security interests and claims and all defects of the title of record, except for those mortgages,
        pledges, liens, security interests and claims arising under credit facilities, each as disclosed in the Registration Statement and the Prospectus, and any other encumbrances which would not, in the aggregate, reasonably be expected to result in a
        material adverse effect on the Company and its subsidiaries, taken as a whole.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">gg.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Labor Disputes</u>. No labor disturbance by or dispute with employees of the Company or any Subsidiary exists or, to the knowledge of the Company, is threatened
        which would result in a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">hh.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Investment Company Act</u>. Neither the Company nor any Subsidiary is or, after giving effect to the offering and sale of the Placement Shares, will be required to
        register as an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended (the &#8220;<u>Investment
            Company </u>Act&#8221;).</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">ii.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Operations</u>. To the knowledge of the Company, the operations of the Company and the Subsidiaries are and have been conducted at all times in compliance with
        applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions to which the Company or the Subsidiaries are subject, the
        rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency having jurisdiction over the Company (collectively, the &#8220;<u>Money Laundering Laws</u>&#8221;), except where the failure to be in such compliance would not result in a Material Adverse Effect; and no action, suit or proceeding by or before any court or
        governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">jj.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Off-Balance Sheet Arrangements</u>. Except as otherwise disclosed in the Registration Statement and Prospectus, the Company does not have any off-balance sheet
        arrangement.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">kk.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Underwriter Agreements</u>. Other than with respect to this Agreement, the Company is not a party to any agreement with an agent or underwriter for any other &#8220;at the
        market&#8221; or continuous equity transaction.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">ll.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>ERISA</u>. To the knowledge of the Company, (i) each material employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security
        Act</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">of 1974, as amended <u>(</u>&#8220;<u>ERISA</u>&#8221;) that is maintained, administered or contributed to by the Company or any of its affiliates for employees or former employees of the Company and the
      Subsidiaries has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;);
      (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result in a material liability to the Company with respect to any such plan excluding transactions effected pursuant to a
      statutory or administrative exemption; and (iii) for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no &#8220;accumulated funding deficiency&#8221; as defined in Section 412 of the Code has been incurred,
      whether or not waived, and the fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions) equals or exceeds the present value of all benefits accrued under such plan determined using reasonable
      actuarial assumptions, other than, in the case of (i), (ii) and (iii) above, as would not have a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">mm.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Forward-Looking Statements</u>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) (a &#8220;<u>Forward-Looking Statement</u>&#8221;) contained in the Registration Statement and the Prospectus has been made or reaffirmed without a reasonable basis or has been
        disclosed other than in good faith.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">nn.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Reserved</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">oo.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Insurance</u>. The Company and the Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as the Company and the Subsidiaries
        reasonably believe are adequate for the conduct of their business.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">pp.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Improper Practices</u>. (i) Neither the Company nor, to the Company&#8217;s knowledge, the Subsidiaries, nor to the Company&#8217;s knowledge, any of their respective
        executive officers has, in the past five years, made any unlawful contributions to any candidate for any political office (or failed fully to disclose any contribution in violation of law) or made any contribution or other payment to any official
        of, or candidate for, any federal, state, municipal, or foreign office or other person charged with similar public or quasi-public duty in violation of any law or of the character required to be disclosed in the Prospectus; (ii) no relationship,
        direct or indirect, exists between or among the Company or, to the Company&#8217;s knowledge, the Subsidiaries or any affiliate of any of them, on the one hand, and the directors, officers and stockholders of the Company or, to the Company&#8217;s knowledge,
        the Subsidiaries, on the other hand, that is required by the Securities Act to be described in the Registration Statement and the Prospectus that is not so described; (iii) no relationship, direct or indirect, exists between or among the Company or
        the Subsidiaries or any affiliate of them, on the one hand, and the directors, officers, stockholders or directors of the Company or, to the Company&#8217;s knowledge, the Subsidiaries, on the other hand, that is required by the rules of FINRA to be
        described in the Registration Statement and the Prospectus that is not so described; (iv) there are no material outstanding loans or advances or material guarantees of indebtedness by the Company or, to the Company&#8217;s knowledge, the Subsidiaries to
        or for the benefit of any of their respective officers or directors or any of the members of the families of any of them; and (v) the Company has not offered, or caused any placement agent to offer, Common Share to any person with the intent to
        influence unlawfully (A) a customer or supplier of the Company or the Subsidiaries to alter the customer&#8217;s or supplier&#8217;s</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">level or type of business with the Company or the Subsidiaries or (B) a trade journalist or publication to write or publish favorable
      information about the Company or the Subsidiaries or any of their respective products or services, and, (vi) neither the Company nor the Subsidiaries nor, to the Company&#8217;s knowledge, any employee or agent of the Company or the Subsidiaries has made
      any payment of funds of the Company or the Subsidiaries or received or retained any funds in violation of any law, rule or regulation (including, without limitation, the Foreign Corrupt Practices Act of 1977), which payment, receipt or retention of
      funds is of a character required to be disclosed in the Registration Statement or the Prospectus.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">qq.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Status Under the Securities Act</u>. The Company was not and is not an</font></div>
    <div style="text-align: justify; margin-left: 3.6pt; margin-bottom: 12pt; font-size: 12pt;">ineligible issuer as defined in Rule 405 under the Securities Act at the times specified in Rules 164 and 433
      under the Securities Act in connection with the offering of the Placement Shares.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">rr.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Misstatement or Omission in an Issuer Free Writing Prospectus</u>. Each Issuer Free Writing Prospectus, as of its issue date and as of each Applicable Time (as
        defined in <u>Section 25</u> below), did not, does not and will not, through the completion of the Placement or Placements for which such Issuer Free Writing
        Prospectus is issued, include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any incorporated document deemed to be a part thereof that has not
        been superseded or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Company by the Agent specifically for
        use therein.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">ss.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Conflicts</u>. Neither the execution of this Agreement, nor the issuance, offering or sale of the Placement Shares, nor the consummation of any of the
        transactions contemplated herein, nor the compliance by the Company with the terms and provisions hereof will conflict with, or will result in a breach of, any of the terms and provisions of, or has constituted or will constitute a default under,
        or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any contract or other agreement to which the Company may be bound or to which any
        of the property or assets of the Company is subject, except (i) such conflicts, breaches or defaults as may have been waived and (ii) such conflicts, breaches and defaults that would not have a Material Adverse Effect; nor will such action result
        (x) in any violation of the provisions of the organizational or governing documents of the Company, or (y) in any material violation of the provisions of any statute or any order, rule or regulation applicable to the Company or of any court or of
        any federal, state or other regulatory authority or other government body having jurisdiction over the Company, except where such violation would not have a Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">tt.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>OFAC</u>.</font></div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Neither
        the Company nor any Subsidiary (collectively, the &#8220;<u>Entity</u>&#8221;) nor, to the Company&#8217;s knowledge, any director, officer, employee, agent, affiliate or
        representative of the Entity, is a government, individual, or entity (in this paragraph (uu), &#8220;<u>Person</u>&#8221;) that is, or is owned or controlled by a Person that
        is:</font></div>
    <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;OFAC&#8221;), the United Nations Security Council (&#8220;UNSC&#8221;), the European Union (&#8220;EU&#8221;), Her Majesty&#8217;s Treasury</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">(&#8220;HMT&#8221;), or other relevant sanctions authority (collectively, &#8220;<u>Sanctions</u>&#8221;), nor</div>
    <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">located, organized or resident in a country or territory that is the subject of Sanctions.</font></div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Entity will not, directly or indirectly, knowingly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:</font></div>
    <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or</font></div>
    <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).</font></div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Entity represents and covenants that, except as detailed in the Registration Statement and the Prospectus, for the past 5 years, it has not knowingly engaged in and is not now knowingly engaged in any dealing or transactions with any Person, or in
        any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">uu.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Stock Transfer Taxes</u>. On each Settlement Date, all material stock transfer or other
          taxes (other than income taxes) which are required to be paid in connection with the sale and transfer of the Placement Shares to be sold hereunder will be, or will have been, fully paid or provided for by the Company and all laws imposing such
          taxes will be or will have been fully complied with by the Company in all material respects.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">vv.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Reserved</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">Any certificate signed by an officer of the Company and delivered to the Agent or to counsel for the Agent pursuant
      to or in connection with this Agreement shall be deemed to be a representation and warranty by the Company, as applicable, to the Agent as to the matters set forth therein.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Covenants of the Company</u>. The Company covenants and agrees with the Agent that:</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">a.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Registration Statement Amendments</u>. After the date of this Agreement and during any
          period in which a prospectus relating to any Placement Shares is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act)
          (the &#8220;<u>Prospectus&#160; Delivery Period</u>&#8221;) (i) the Company will notify the
          Agent promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference or amendments not related to any Placement, has been filed with the Commission and/or has become effective or
          any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus related to the Placement or for additional information related to the
          Placement, (ii) the Company will prepare and file with the Commission, promptly upon the Agent&#8217;s request, any amendments or</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">supplements to the Registration Statement or Prospectus that, upon the advice of the Company&#8217;s legal counsel, may be necessary or
      advisable in connection with the distribution of the Placement Shares by the Agent <font style="font-style: italic;">(provided, however, </font>that the failure of the Agent to make
      such request shall not relieve the Company of any obligation or liability hereunder, or affect the Agent&#8217;s right to rely on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy the Agent
      shall have with respect to the failure to make such filing shall be to cease making sales under this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or
      Prospectus relating to the Placement Shares or a security convertible into the Placement Shares (other than an Incorporated Document) unless a copy thereof has been submitted to the Agent within a reasonable period of time before the filing and the
      Agent has not reasonably objected thereto <font style="font-style: italic;">(provided, however, </font>that (A) the failure of the Agent to make such objection shall not relieve the
      Company of any obligation or liability hereunder, or affect the Agent&#8217;s right to rely on the representations and warranties made by the Company in this Agreement and (B) the Company has no obligation to provide the Agent any advance copy of such
      filing or to provide the Agent an opportunity to object to such filing if the filing does not name the Agent or does not relate to the transaction herein provided; and provided, further, that the only remedy the Agent shall have with respect to the
      failure by the Company to obtain such consent shall be to cease making sales under this Agreement) and the Company will furnish to the Agent at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by
      reference into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company will cause each amendment or supplement to the Prospectus to be filed with the Commission as required pursuant to the
      applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document to be incorporated therein by reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed (the
      determination to file or not file any amendment or supplement with the Commission under this <u>Section 7(a)</u>, based on the Company&#8217;s reasonable opinion or
      reasonable objections, shall be made exclusively by the Company).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">b.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Notice of Commission Stop Orders</u>. The Company will advise the Agent, promptly after it receives notice or obtains knowledge thereof, of the issuance or
        threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation or
        threatening of any proceeding for any such purpose; and it will use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued. The Company will advise the Agent
        promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment or supplements to the Prospectus or any Issuer Free Writing Prospectus or for additional information related to the offering
        of the Placement Shares or for additional information related to the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">c.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Delivery of Prospectus</u><u>;</u><u> Subsequent Changes</u>. During
        the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates all reports and any definitive proxy or
        information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If the Company has omitted any information from the Registration
        Statement</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">pursuant to Rule 430A under the Securities Act, it will use its commercially reasonable efforts to comply with the provisions of and
      make all requisite filings with the Commission pursuant to said Rule 430A and to notify the Agent promptly of all such filings. If during the Prospectus Delivery Period any event occurs as a result of which the Prospectus as then amended or
      supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such Prospectus Delivery Period
      it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify the Agent to suspend the offering of Placement Shares during such period and the Company will promptly
      amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance; <font style="font-style: italic;">provided, however, </font>that the Company may delay the filing of any amendment or supplement, if in the judgment of the Company, it is in the best interest of the Company.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">d.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Listing of Placement Shares</u>. During the Prospectus Delivery Period, the Company will use its commercially reasonable efforts to cause the Placement Shares to be
        listed on the Exchange and to qualify the Placement Shares for sale under the securities laws of such jurisdictions in the United States as the Agent reasonably designates and to continue such qualifications in effect so long as required for the
        distribution of the Placement Shares; <font style="font-style: italic;">provided, however, </font>that the Company shall not be required in connection therewith to qualify as a
        foreign corporation or dealer in securities, file a general consent to service of process, or subject itself to taxation in any jurisdiction if it is not otherwise so subject.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">e.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Delivery of Registration Statement and Prospectus</u>. The Company will furnish to the Agent and its counsel (at the reasonable expense of the Company) copies of the
        Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during the Prospectus Delivery
        Period (including all documents filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities as the Agent may from time to time
        reasonably request and, at the Agent&#8217;s request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; <font style="font-style: italic;">provided, however, </font>that the Company shall not be required to furnish any document (other than the Prospectus) to the Agent to the extent such document is available on EDGAR.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">f.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Earnings Statement</u>. The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after the
        end of the Company&#8217;s current fiscal quarter, an earnings statement covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">g.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Use of Proceeds</u>. The Company will use the Net Proceeds as described in the Prospectus in the section entitled &#8220;Use of Proceeds.&#8221;</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">h.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Notice of Other Sales</u>. Without the prior written consent of the Agent, the Company will not, directly or indirectly, offer to sell, sell, contract to sell, grant
        any option to sell or otherwise dispose of any Common Share (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Share, warrants or any rights to purchase or acquire, Common
        Share during the period beginning on the date on which</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">any Placement Notice is delivered to the Agent hereunder and ending on the third (3rd) Trading Day immediately following the final
      Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such suspension
      or termination); and will not directly or indirectly in any other &#8220;at the market&#8221; or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Share (other than the Placement
      Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Share, warrants or any rights to purchase or acquire, Common Share prior to the termination of this Agreement; <font style="font-style: italic;">provided, however, </font>that such restrictions will not apply in connection with the Company&#8217;s issuance or sale of (i) Common Share, options to purchase Common Share or Common
      Share issuable upon the exercise of options, pursuant to any stock option, or benefits plan, stock ownership plan or dividend reinvestment plan (but not Common Share subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the
      Company whether now in effect or hereafter implemented; (ii) Common Share issuable upon conversion of securities or the exercise of warrants, options or other rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR
      or otherwise in writing to the Agent, (iii) Common Share, or securities convertible into or exercisable for Common Share, offered and sold in a privately negotiated transaction to vendors, customers, strategic partners or potential strategic partners
      or other investors conducted in a manner so as not to be integrated with the offering of Common Share hereby and (iv) Common Share in connection with any acquisition, strategic investment or other similar transaction (including any joint venture,
      strategic alliance or partnership).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">i.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Change of Circumstances</u>. The Company will, at any time during the pendency of a Placement Notice advise the Agent promptly after it shall have received notice or
        obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document required to be provided to the Agent pursuant to this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">j.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Due Diligence Cooperation</u>. During the term of this Agreement, the Company will cooperate with any reasonable due diligence review conducted by the Agent or its
        representatives in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers, during regular business hours and at the Company&#8217;s principal
        offices, as the Agent may reasonably request.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">k.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Required Filings Relating to Placement of Placement Shares</u>. The Company agrees that on such dates as the Securities Act shall require, the Company will (i) file
        a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act (each and every date a filing under Rule 424(b) is made, a &#8220;<u>Filing Date</u>&#8221;), which prospectus supplement will set forth, within the relevant period, the amount of Placement Shares sold through the Agent, the Net Proceeds to the Company and the compensation payable by the Company to the
        Agent with respect to such Placement Shares, and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or
        market.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">l.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Representation Dates</u><u>;</u><u> Certificate</u>. Each time
          during the term of this</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
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    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Agreement that the Company:</div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">amends
        or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement Shares) the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment,
        sticker, or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating to the Placement Shares;</font></div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">files
        an annual report on Form 20-F under the Exchange Act (including any Form 20-F/A containing amended audited fmancial information or a material amendment to the previously filed Form 20-F);</font></div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">files
        its quarterly or semi-annual financial statements on Form 6-K under the Exchange Act; or</font></div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">files
        a current report on Form 6-K containing amended financial information under the Exchange Act;</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">(Each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a &#8220;<u>Representation Date</u>.&#8221;)</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">the Company shall furnish the Agent (but in the case of clause (iv) above only if the Agent reasonably determines that the information
      contained in such Form 6-K is material) with a certificate, in the form attached hereto as <u>Exhibit 7(1)</u>. The requirement to provide a certificate under this <u>Section 7(1)</u> shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier
      to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date on which the Company files its annual report on Form 20-F.
      Notwithstanding the foregoing, (i) upon the delivery of the first Placement Notice hereunder and (ii) if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such waiver and did not
      provide the Agent with a certificate under this <u>Section 7(1)</u>, then before the Agent sells any Placement Shares, the Company shall provide the Agent with a
      certificate, in the form attached hereto as <u>Exhibit 7(1)</u>, dated the date of the Placement Notice.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">m.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Legal Opinion</u>. On or prior to the date of the first Placement Notice given hereunder the Company shall cause to be furnished to the Agent a written opinion and a
        negative assurance letter of Seward &amp; Kissel LLP <u>(</u>&#8220;<u>Company Counsel</u>&#8221;),
        or other counsel reasonably satisfactory to the Agent, each in form and substance reasonably satisfactory to the Agent. Thereafter, within five (5) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a
        certificate in the form attached hereto as Exhibit 7(1) for which no waiver is applicable, the Company shall cause to be furnished to the Agent a negative assurance letter of Company Counsel in form and substance reasonably satisfactory to the
        Agent; provided that, in lieu of such negative assurance for subsequent periodic filings under the Exchange Act, counsel may furnish the Agent with a letter (a &#8220;<u>Reliance
            Letter</u>&#8221;) to the effect that the Agent may rely on the negative assurance letter previously delivered under this Section 7(m) to the same extent as if it were dated the date of such letter (except that statements in such prior letter
        shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as</font></div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">of the date of the Reliance Letter).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">n.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Comfort Letter</u>. On or prior to the date of the first Placement Notice given hereunder and within five (5) Trading Days after each subsequent Representation Date,
        other than pursuant to Section 7(1)(iii), the Company shall cause its independent accountants to furnish the Agent letters (the &#8220;<u>Comfort Letters</u>&#8221;), dated the
        date the Comfort Letter is delivered, which shall meet the requirements set forth in this <u>Section 7(n)</u>. The Comfort Letter from the Company&#8217;s independent
        accountants shall be in a form and substance reasonably satisfactory to the Agent, (i) confirming that they are an independent public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (the &#8220;<u>PCAOB</u>&#8221;), (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered
        by accountants&#8217; &#8220;comfort letters&#8221; to underwriters in connection with registered public offerings (the first such letter, the &#8220;<u>Initial Comfort Letter</u>&#8221;) and
        (iii) updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as
        amended and supplemented to the date of such letter.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">o.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Market Activities</u>. The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or would constitute, the
        stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of Common Share or (ii) sell, bid for, or purchase Common Share in violation of Regulation M, or pay anyone any compensation for soliciting
        purchases of the Placement Shares other than the Agent.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">p.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Investment Company Act</u>. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor the Subsidiaries will be or become,
        at any time prior to the termination of this Agreement, an &#8220;investment company,&#8221; as such term is defined in the Investment Company Act.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">q.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Offer to Sell</u>. Other than an Issuer Free Writing Prospectus approved in advance by the Company and the Agent in its capacity as agent hereunder pursuant to <u>Section 23</u>,<u>&#160;</u>neither of the Agent nor the Company (including its agents
        and representatives, other than the Agent in its capacity as such) will make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405), required to be filed with the Commission, that constitutes an offer to
        sell or solicitation of an offer to buy Placement Shares hereunder.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Representations and Covenants of the Agent</u>. The Agent represents and warrants that it is duly registered as a broker-dealer under FINRA, the Exchange Act and the
        applicable statutes and regulations of each state in which the Placement Shares will be offered and sold, except such states in which the Agent is exempt from registration or such registration is not otherwise required. The Agent shall continue,
        for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered and sold, except such states in which it
        is exempt from registration or such registration is not otherwise required, during the term of this Agreement. The Agent shall comply with all applicable law and regulations in connection with the transactions contemplated by this Agreement,
        including the issuance and sale through the Agent of the Placement Shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Payment of Expenses</u>. The Company will pay all expenses incident to the</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">performance of its obligations under this Agreement, including (i) the preparation, filing, including any fees required by the
      Commission, and printing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment and supplement thereto and each Free Writing Prospectus, in such number as the Agent shall deem reasonably
      necessary, (ii) the printing and delivery to the Agent of this Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of the Placement Shares, (iii) the preparation, issuance and
      delivery of the certificates, if any, for the Placement Shares to the Agent, including any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Shares
      to the Agent, (iv) the fees and disbursements of the counsel, accountants and other advisors to the Company, (v) the reasonable and documented out-of-pocket fees and disbursements of counsel to the Agent up to $50,000.00; (vi) the fees and expenses
      of the transfer agent and registrar for the Common Share, (vii) the filing fees incident to any review by FINRA of the terms of the sale of the Placement Shares, and (viii) the fees and expenses incurred in connection with the listing of the
      Placement Shares on the Exchange.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Conditions to the Agent&#8217;s Obligations</u>. The obligations of the Agent hereunder with respect to a Placement will be subject to the continuing accuracy and
        completeness of the representations and warranties made by the Company herein (other than those representations and warranties made as of a specified date or time), to the due performance in all material respects by the Company of its obligations
        hereunder, to the completion by the Agent of a due diligence review satisfactory to it in its reasonable judgment, and to the continuing reasonable satisfaction (or waiver by the Agent in its sole discretion) of the following additional conditions:</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">a.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Registration Statement Effective</u>. The Registration Statement shall remain effective and shall be available for the sale of all Placement Shares contemplated to
        be issued by any Placement Notice.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">b.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Material Notices</u>. None of the following events shall have occurred and be continuing: (i) receipt by the Company of any request for additional information
        from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements to the Registration
        Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or receipt by the Company of notification of the
        initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or
        receipt by the Company of notification of the initiation of, or a threat to initiate, any proceeding for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus or any
        material Incorporated Document untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus or any material Incorporated Document so that, in the case of the Registration Statement, it will
        not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus or any material
        Incorporated Document, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements</font></div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">therein, in the light of the circumstances under which they were made, not misleading.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">c.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Misstatement or Material Omission</u>. The Agent shall not have advised the Company that the Registration Statement or Prospectus, or any amendment or supplement
        thereto, contains an untrue statement of fact that in the Agent&#8217;s reasonable opinion is material, or omits to state a fact that in the Agent&#8217;s reasonable opinion is material and is required to be stated therein or is necessary to make the
        statements therein not misleading.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">d.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Material Changes</u>. Except as contemplated in the Prospectus, or disclosed in the Company&#8217;s reports filed with the Commission, there shall not have been any
        Material Adverse Effect, or any development that would cause a Material Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the Company&#8217;s securities (other than asset backed securities) by any &#8220;nationally recognized
        statistical rating organization,&#8221; as such term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities Act (a &#8220;<u>Rating Organization</u>&#8221;),
        or a public announcement by any Rating Organization that it has under surveillance or review its rating of any of the Company&#8217;s securities (other than asset backed securities), the effect of which, in the case of any such action by a Rating
        Organization described above, in the reasonable judgment of the Agent (without relieving the Company of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of
        the Placement Shares on the terms and in the manner contemplated in the Prospectus.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">e.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Legal Opinion</u>. The Agent shall have received (i) the opinion and negative assurance letter of Company Counsel required to be delivered pursuant to <u>Section 7(m)</u> on or before the date on which such delivery of such opinion and negative assurance letter are required pursuant to <u>Section 7(m)</u>; and (ii) the opinion of MJM Limited, the Company&#8217;s Bermuda counsel, in a form reasonably satisfactory to the Agent.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">f.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Comfort Letter</u>. The Agent shall have received the Comfort Letter required to be delivered pursuant <u>Section 7(n)</u> on or before the date on which such delivery of such letter is required pursuant to <u>Section 7(n)</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">g.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Representation Certificate</u>. The Agent shall have received the certificate required to be delivered pursuant to <u>Section 7(1)</u> on or before the date on which delivery of such certificate is required pursuant to <u>Section 7(1)</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">h.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Secretary&#8217;s Certificate</u>. On or prior to the first Representation Date, the Agent shall have received a certificate, signed on behalf of the Company by its
        corporate Secretary, in form and substance satisfactory to the Agent and its counsel. Such certificate shall include a representation that the Company (i) has a non-affiliate and public common equity float of at least $300 million, calculated on
        any date within the past 60 days from the date of this Agreement, and (ii) has been subject to the Exchange Act reporting requirements for a period of at least 36 months and has filed in a timely manner all such reports required to be filed in the
        past 12 months.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">i.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Suspension</u>. Trading in the Common Share shall not have been suspended on the Exchange and the Common Share shall not have been delisted from the Exchange.</font></div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">j.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Other Materials</u>. On each date on which the Company is required to deliver a certificate pursuant to <u>Section 7(1)</u>, the Company shall have furnished to the Agent such appropriate further information, certificates and documents as the Agent may reasonably request and which are usually and customarily furnished
        by an issuer of securities in connection with a securities offering of the type contemplated hereby. All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">k.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Securities Act Filings Made</u>. All filings with the Commission required by Rule 424 under the Securities Act to have been filed prior to the issuance of any
        Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">l.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Approval for Listing</u>. The Placement Shares shall either have been approved for listing on the Exchange, subject only to notice of issuance, or the Company shall
        have filed an application for listing of the Placement Shares on the Exchange at, or prior to, the issuance of any Placement Notice.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">m.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>No Termination Event</u>. There shall not have occurred any event that would permit the Agent to terminate this Agreement pursuant to <u>Section 13(a)</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">n.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>FINRA</u>. If applicable, FINRA shall have raised no objection to the terms of this offering and the amount of compensation allowable or payable to the Agent as
        described in the Prospectus</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Indemnification and Contribution</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">a.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Company Indemnification</u>. The Company agrees to indemnify and hold harmless the Agent, its partners, members, directors, officers, employees and agents and each
        person, if any, who controls the Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:</font></div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">against
        any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any
        amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a
        material fact included in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in
        the light of the circumstances under which they were made, not misleading;</font></div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">against
        any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body,
        commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to <u>Section 11(d)&#160; </u>below) any such settlement is effected with the written consent of the Company, which consent shall not unreasonably be delayed or withheld; and</font></div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">against
        any and all expense whatsoever, as incurred (including the reasonable and documented out-of-pocket fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or
        proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid
        under (i) or (ii) above,</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;"><font style="font-style: italic;">provided, however, </font>that this
      indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with written
      information furnished to the Company by the Agent expressly for use in the Registration Statement (or any amendment thereto), or in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">b.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Indemnification by the Agent</u>. The Agent agrees to indemnify and hold harmless the Company and its directors and officers, and each person, if any, who (i)
        controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with the Company against any and all loss, liability, claim, damage and expense
        described in the indemnity contained in <u>Section 11(a)</u>, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or
        omissions, made in the Registration Statement (or any amendments thereto) or in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with information relating to
        the Agent and furnished to the Company in writing by the Agent expressly for use therein.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">c.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Procedure</u>. Any party that proposes to assert the right to be indemnified under this <u>Section
            11</u> will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this <u>Section 11</u>, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the
        indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this <u>Section 11</u> and (ii) any liability that it
        may have to any indemnified party under the foregoing provisions of this <u>Section 11</u> unless, and only to the extent that, such omission results in the
        forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate
        in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified,
        to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be
        liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will
        have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized
        in writing by the</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses
      available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict of interest exists (based on advice of counsel to the indemnified party) between
      the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to
      assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable and documented out-of-pocket fees, disbursements and other charges of counsel will be at the
      expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable and documented
      out-of-pocket fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such reasonable and documented out-of-pocket fees,
      disbursements and other charges will be reimbursed by the indemnifying party promptly after the indemnifying party receives a written invoice relating to fees, disbursements and other charges in reasonable detail. An indemnifying party will not, in
      any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any
      judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this <u>Section 11</u> (whether or not any indemnified
      party is a party thereto), unless such settlement, compromise or consent (1) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (2) does not include a
      statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">d.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Contribution</u>. In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of
        this <u>Section 11</u> is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or the Agent, the Company and the
        Agent will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding
        or any claim asserted, but after deducting any contribution received by the Company from persons other than the Agent, such as persons who control the Company within the meaning of the Securities Act or the Exchange Act, officers of the Company who
        signed the Registration Statement and directors of the Company, who also may be liable for contribution) to which the Company and the Agent may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the
        Company on the one hand and the Agent on the other hand. The relative benefits received by the Company on the one hand and the Agent on the other hand shall be deemed to be in the same proportion as the total Net Proceeds from the sale of the
        Placement Shares (before deducting expenses) received by the Company bear to the total compensation received by the Agent (before deducting expenses) from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation
        provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the
        relative fault of the Company, on the one hand, and the Agent, on the other hand, with respect to the statements</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other
      relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a
      material fact relates to information supplied by the Company or the Agent, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Agent agree
      that it would not be just and equitable if contributions pursuant to this <u>Section 11(d)</u> were to be determined by pro rata allocation or by any other method of
      allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to
      above in this <u>Section 11(d)</u> shall be deemed to include, for the purpose of this <u>Section
          11(d)</u>, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with <u>Section 11(c)</u> hereof. Notwithstanding the foregoing provisions of this <u>Section 11(d)</u>, the Agent shall not be
      required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
      from any person who was not guilty of such fraudulent misrepresentation. For purposes of this <u>Section 11(d)</u>, any person who controls a party to this Agreement
      within the meaning of the Securities Act or the Exchange Act, and any officers, directors, partners, employees or agents of the Agent, will have the same rights to contribution as that party, and each officer who signed the Registration Statement and
      director of the Company will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in
      respect of which a claim for contribution may be made under this <u>Section 11(d)</u>, will notify any such party or parties from whom contribution may be sought,
      but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this <u>Section
          11(d)</u> except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last
      sentence of <u> Section 11(c)</u> hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such
      consent is required pursuant to <u>Section 11(c)</u> hereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Representations and Agreements to Survive Delivery</u>. The indemnity and contribution agreements contained in Section 11 of this Agreement and all representations
        and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation made by or on behalf of the Agent, any controlling persons, or the Company (or any of
        their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Termination</u>.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">a.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Agent may terminate this Agreement, by notice to the Company, as hereinafter specified at any time (1) if there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus, any
        Material Adverse Effect, or any development that would have a Material Adverse Effect that, in the sole judgment of the</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Agent, is material and adverse and makes it impractical or inadvisable to market the Placement Shares or to enforce contracts for the
      sale of the Placement Shares, (2) if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or
      any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Agent, impracticable or inadvisable to
      market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (3) if trading in the Common Share has been suspended or limited by the Commission or the Exchange, or if trading generally on the Exchange has been suspended
      or limited, or minimum prices for trading have been fixed on the Exchange, (4) if any suspension of trading of any securities of the Company on any exchange or in the over-the-counter market shall have occurred and be continuing, (5) if a major
      disruption of securities settlements or clearance services in the United States shall have occurred and be continuing, or (6) if a banking moratorium has been declared by either U.S. Federal or New York authorities. Any such termination shall be
      without liability of any party to any other party except that the provisions of <u>Section</u> 9 (Payment of Expenses), <u>Section 11</u> (Indemnification and Contribution), <u>Section 12&#160; </u>(Representations and Agreements to Survive
      Delivery), <u>Section 18</u> (Governing Law and Time; Waiver of Jury Trial) and <u>Section
          19</u> (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination. If the Agent elects to terminate this Agreement as provided in this Section 13(a), the Agent shall provide the required notice
      as specified in Section 14 (Notices).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">b.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Company shall have the right, by giving five (5) days&#8217; notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to
        any other party except that the provisions of <u>Section 9</u> (Payment of Expenses), <u>Section
            11</u> (Indemnification and Contribution), <u>Section 12</u> (Representations and Agreements to Survive Delivery), <u>Section 18&#160; </u>(Governing Law and Time; Waiver of Jury Trial) and <u>Section 19</u> (Consent to
        Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">c.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Agent shall have the right, by giving five (5) days&#8217; notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to
        any other party except that the provisions of <u>Section 9</u> (Payment of Expenses), <u>Section
            11</u> (Indemnification and Contribution), <u>Section 12</u> (Representations and Agreements to Survive Delivery), <u>Section 18&#160; </u>(Governing Law and Time; Waiver of Jury Trial) and <u>Section 19</u> (Consent to
        Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">d.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Unless
        earlier terminated pursuant to this <u>Section 13</u>, this Agreement shall automatically terminate upon the issuance and sale of all of the Placement Shares
        through the Agent on the terms and subject to the conditions set forth herein except that the provisions of <u>Section 9</u> (Payment of Expenses), <u>Section 11</u> (Indemnification and Contribution), <u>Section 12&#160; </u>(Representations
        and Agreements to Survive Delivery), <u>Section 18</u> (Governing Law and Time; Waiver of Jury Trial) and <u>Section 19</u> (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">e.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">This
        Agreement shall remain in full force and effect unless terminated</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">pursuant to <u>Sections 13(a)</u>, (b), (c), or <u>(d)</u> above or otherwise by mutual agreement of the parties; <font style="font-style: italic;">provided,
        however, </font>that any such termination by mutual agreement shall in all cases be deemed to provide that <u>Section 9</u> (Payment of Expenses), <u>Section 11</u> (Indemnification and Contribution), <u>Section 12</u>
      (Representations and Agreements to Survive Delivery), <u>Section 18</u> (Governing Law and Time; Waiver of Jury Trial) and <u>Section 19</u> (Consent to Jurisdiction) shall remain in full force and effect. Upon termination of this Agreement, the Company shall not have any liability to the Agent for any discount,
      commission or other compensation with respect to any Placement Shares not otherwise sold by the Agent under this Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">f.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Any
        termination of this Agreement shall be effective on the date specified in such notice of termination; <font style="font-style: italic;">provided, however, </font>that such termination
        shall not be effective until the close of business on the date of receipt of such notice by the Agent or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement
        Shares shall settle in accordance with the provisions of this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Notices</u>. All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall be
        in writing, unless otherwise specified, and if sent to the Agent, shall be delivered to:</font></div>
    <div style="margin-left: 79.2pt; margin-top: 12.05pt; margin-bottom: 12pt; font-size: 12pt;">B. Riley FBR, Inc.<br>
      299 Park Avenue, 7<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor<br>
      New York, NY 10171<br>
      Attention: General Counsel<br>
      Telephone: (212) 457-9947<br>
      Email: atmdesk@brileyfbr.com</div>
    <div style="text-align: justify; margin-left: 7.2pt; margin-top: 12.4pt; margin-bottom: 12pt; font-size: 12pt;">with a copy to:</div>
    <div style="margin-left: 79.2pt; margin-top: 13.6pt; margin-bottom: 12pt; font-size: 12pt;">Morgan Lewis &amp; Bockius LLP<br>
      1400 Page Mill Road<br>
      Palo Alto, CA 94304<br>
      Attention: Albert Lung<br>
      Telephone: (650) 843-7263<br>
      Email: albert.lung@morganlewis.com</div>
    <div style="text-align: justify; margin-left: 7.2pt; margin-top: 14.05pt; margin-bottom: 12pt; font-size: 12pt;">and if to the Company, shall be delivered to:</div>
    <div style="margin-left: 79.2pt; margin-top: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">LOM Building<br>
      27 Reid Street, Hamilton, HM 11<br>
      Bermuda<br>
      Attention: Bjorn Giaever<br>
      Telephone: (441) 292-7202<br>
      Email: bg@scandicamerican.com</div>
    <div style="text-align: justify; margin-left: 7.2pt; margin-top: 13.75pt; margin-bottom: 12pt; font-size: 12pt;">with a copy to:</div>
    <div style="margin-left: 79.2pt; margin-top: 11.4pt; margin-bottom: 12pt; font-size: 12pt;">Seward &amp; Kissel LLP</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="margin-top: 11.4pt; margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-left: 79.2pt; margin-top: 11.4pt; margin-bottom: 12pt; font-size: 12pt;">One Battery Park Plaza<br>
      New York NY 10004<br>
      Attention: Gary Wolfe<br>
      Telephone: (212) 574-1223<br>
      Email: Wolfe@sewkis.com</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new
      address for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally, by email, or by verifiable facsimile transmission on or before 4:30 p.m., New York City time, on a Business Day or, if such day is
      not a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or
      registered mail, return receipt requested, postage prepaid). For purposes of this Agreement, &#8220;<u>Business Day</u>&#8221; shall mean any day on which the Exchange and
      commercial banks in the City of New York are open for business.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Successors and Assigns</u>. This Agreement shall inure to the benefit of and be binding upon the Company and the Agent and their respective successors and the
        affiliates, controlling persons, officers and directors referred to in <u>Section 11</u> hereof. References to any of the parties contained in this Agreement shall
        be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any
        rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither the Company nor the Agent may assign its rights or obligations under this Agreement without the prior written
        consent of the other party.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">16.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Adjustments for Stock Splits</u>. The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to take into account
        any share consolidation, stock split, stock dividend, corporate domestication or similar event effected with respect to the Placement Shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">17.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Entire Agreement</u><u>; Amendment;</u><u> Severability</u>. This Agreement (including all schedules and exhibits attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and
        supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a
        written instrument executed by the Company and the Agent. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of
        competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid,
        illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected
        in this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">18.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>GOVERNING LAW AND TIME</u><u>;</u><u> WAIVER OF JURY TRIAL</u>. THIS
        AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">30</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">HE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY
      TIME. THE COMPANY AND THE AGENT EACH HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
      CONTEMPLATED HEREBY</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">19.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>CONSENT TO JURISDICTION</u>. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK,
        BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT
        PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL
        SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS
        AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">20.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Use of Information</u>. The Agent may not use any information gained in connection with this Agreement and the transactions contemplated by this Agreement, including
        due diligence, to advise any party with respect to transactions not expressly approved by the Company.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">21.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
        one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile transmission or email of a .pdf attachment.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">22.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Effect of Headings</u>. The section, Schedule and Exhibit headings herein are for convenience only and shall not affect the construction hereof.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">23.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Permitted Free Writing Prospectuses</u>. The Company represents, warrants and agrees that, unless it obtains the prior consent of the Agent, and the Agent
        represents, warrants and agrees that, unless it obtains the prior consent of the Company, it has not made and will not make any offer relating to the Placement Shares that would constitute an Issuer Free Writing Prospectus, or that would otherwise
        constitute a &#8220;free writing prospectus,&#8221; as defined in Rule 405, required to be filed with the Commission. Any such free writing prospectus consented to by the Agent or by the Company, as the case may be, is hereinafter referred to as a &#8220;Permitted
        Free Writing Prospectus.&#8221; The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &#8220;issuer free writing prospectus,&#8221; as defined in Rule 433, and has complied and will comply
        with the requirements of Rule 433 applicable to</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">31</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For
      the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in <u>Exhibit 23</u> hereto are Permitted Free Writing
      Prospectuses.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">24.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Absence of Fiduciary Relationship</u>. The Company acknowledges and agrees that:</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">a.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Agent is acting solely as agent in connection with the public offering of the Placement Shares and in connection with each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory
        relationship between the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any other party, on the one hand, and the Agent, on the other hand, has been or will be created in respect of
        any of the transactions contemplated by this Agreement, irrespective of whether or not the Agent has advised or is advising the Company on other matters, and the Agent has no obligation to the Company with respect to the transactions contemplated
        by this Agreement except the obligations expressly set forth in this Agreement;</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">b.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">it is
        capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement;</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">c.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">the
        Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
        appropriate;</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">d.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">it is
        aware that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and the Agent has no obligation to disclose such interests and transactions to the Company by
        virtue of any fiduciary, advisory or agency relationship or otherwise; and</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">e.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">it
        waives, to the fullest extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that the Agent
        shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, employees or
        creditors of Company, other than in respect of the Agent&#8217;s obligations under this Agreement and to keep information provided by the Company to the Agent and its counsel confidential to the extent not otherwise publicly-available.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">25.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><u>Definitions</u>. As used in this Agreement, the following terms have the respective meanings set forth below:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Applicable Time</u>&#8221; means
      (i) each Representation Date and (ii) the time of each sale of any Placement Shares pursuant to this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Issuer Free Writing Prospectus</u>&#8221;
      means any &#8220;issuer free writing prospectus,&#8221; as defined in Rule 433, relating to the Placement Shares that (1) is required to be filed with the Commission by the Company, (2) is a &#8220;road show&#8221; that is a &#8220;written communication&#8221; within the meaning of
      Rule 433(d)(8)(i) whether or not required to be filed with the Commission, or (3) is exempt from filing</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">32</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">pursuant to Rule 433(d)(5)(i) because it contains a description of the Placement Shares or of the offering that does not reflect the
      final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&#8217;s records pursuant to Rule 433(g) under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Rule 172</u>,&#8221; &#8220;<u>Rule 405</u>,&#8221; &#8220;<u>Rule 415</u>,&#8221; &#8220;<u>Rule 424</u>,&#8221; &#8220;<u>Rule 424(b)</u>,&#8221; &#8220;<u>Rule
          430B</u>,&#8221; and &#8220;<u>Rule 433</u>&#8221; refer to such rules under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">All references in this Agreement to financial statements and schedules and other information that is &#8220;contained,&#8221;
      &#8220;included&#8221; or &#8220;stated&#8221; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is incorporated by reference
      in the Registration Statement or the Prospectus, as the case may be.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">All references in this Agreement to the Registration Statement, the Prospectus or any amendment or supplement to
      any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433,
      are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to &#8220;supplements&#8221; to the Prospectus shall include, without limitation, any
      supplements, &#8220;wrappers&#8221; or similar materials prepared in connection with any offering, sale or private placement of any Placement Shares by the Agent outside of the United States.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">[Remainder of the page intentionally left blank]</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">33</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">If the foregoing correctly sets forth the understanding between the Company and the Agent, please so indicate in the space provided
      below for that purpose, whereupon this letter shall constitute a binding agreement between the Company and the Agent.</div>
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        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 52.88%; vertical-align: top;" colspan="2">
            <div style="text-align: justify; font-size: 12pt;">Very truly yours,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 52.88%; vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 52.88%; vertical-align: top;" colspan="2">
            <div style="font-size: 12pt; font-weight: bold;">NORDIC AMERICAN TANKERS LIMITED</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 52.88%; vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 6.73%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">By:</div>
          </td>
          <td style="width: 46.15%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; font-size: 12pt;">/s/ Herbjom</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 46.15%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Name: Herbjorn</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 46.15%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Title: Chairman &amp; CEO</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 46.15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 46.15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 52.88%; vertical-align: top;" colspan="2">
            <div style="text-align: justify; font-size: 12pt; font-weight: bold;">ACCEPTED as of the date first-above written:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 46.15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 52.88%; vertical-align: top;" colspan="2">
            <div style="text-align: justify; font-size: 12pt; font-weight: bold;">B. RILEY FBR, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 46.15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 6.73%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">By:</div>
          </td>
          <td style="width: 46.15%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; font-size: 12pt;">/s/ Patrice McNicoll</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 46.15%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Name: Patrice McNicoll</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.73%; vertical-align: top;">&#160;</td>
          <td style="width: 15.38%; vertical-align: top;">&#160;</td>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 46.15%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Title: Co-Head of Investment Banking</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">34</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">SCHEDULE 1</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div>
      <div style="text-align: center; margin-right: 144pt; margin-left: 108pt; margin-bottom: 24pt; font-size: 12pt; font-weight: bold;">FORM OF PLACEMENT NOTICE</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2bb28624e2044e84b1b72385baf351d9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-size: 12pt;">From:</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;">Nordic American Tankers Limited</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7fe91e3fd66c40ff92a68c768ffd67d0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-size: 12pt;">To:</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;">B. Riley FBR, Inc.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z330d3f0ccfc0470ca972913fb16a4706" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-size: 12pt;">Attention:</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;">[&#8226;]</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8566a8ab8fbb4b3c8fa7b06881b1e5de" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-size: 12pt;">Subject:</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;">At Market Issuance--Placement Notice</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Pursuant to the terms and subject to the conditions contained in the At Market Issuance Sales Agreement between
      Nordic American Tankers Limited, a Bermuda limited company (the &#8220;<u>Company</u>&#8221;), and B. Riley FBR, Inc. (the &#8220;<u>Agent</u>&#8221;), dated March 29, 2019, the Company hereby requests that the Agent sell up to [<u>]</u> of the Company&#8217;s Common Share, par value $0.01 per share, at a minimum market price of $per share, during
        the time period beginning [month, day, time] and ending [month, day, time].</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">35</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">SCHEDULE 2</div>
    <div style="margin-bottom: 12pt;">
      <hr noshade="noshade" align="center" style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div>
      <div style="margin: 0px 0px 12px; font-size: 12pt; font-weight: bold; text-align: center;">Compensation</div>
      <div>
        <hr noshade="noshade" align="center" style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The Company shall pay to the Agent in cash, upon each sale of Placement Shares pursuant to this Agreement, an
      amount equal to 3.0% of the gross proceeds from each sale of Placement Shares.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">36</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">SCHEDULE 3</div>
    <div style="margin-bottom: 12pt;">
      <hr noshade="noshade" align="center" style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div>
      <div style="margin: 0px 0px 12px; font-size: 12pt; font-weight: bold; text-align: center;">Notice Parties</div>
      <div>
        <hr noshade="noshade" align="center" style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div><br>
      </div>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;"><u>The Company</u></div>
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        <tr>
          <td style="width: 39.41%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Herbjorn Hansson</div>
          </td>
          <td style="width: 60.59%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Herbjorn.Hansson@scandicamerican.com</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.41%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Bjorn Giaever</div>
          </td>
          <td style="width: 60.59%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;"><u>bg@scandicamerican</u>.<u>com</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.41%; vertical-align: top;">&#160;</td>
          <td style="width: 60.59%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt; font-size: 12pt;"><u>B</u>.<u> Riley FBR</u></div>
    <table cellspacing="0" cellpadding="0" id="z1d9e2473011b46af80f09b8f94a40570" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 39.41%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Seth Appel</div>
          </td>
          <td style="width: 60.59%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;"><u>sappel@brileyfbr.com</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.41%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Ernie Dahlman</div>
          </td>
          <td style="width: 60.59%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;"><u>edahlman@brileyfbr.com</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.41%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Ryan Loforte</div>
          </td>
          <td style="width: 60.59%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;"><u>rloforte@brileyfbr.com</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.41%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Patrice McNicoll</div>
          </td>
          <td style="width: 60.59%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;"><u>pmcnicoll@brileyfbr.com</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.41%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Keith Pompliano</div>
          </td>
          <td style="width: 60.59%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;"><u>kpompliano@brileyfbr.com</u></div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">with a copy to atmdesk@brileyfbr.com</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">37</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">SCHEDULE 6(g)</div>
    <div style="margin-bottom: 12pt;">
      <hr noshade="noshade" align="center" style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div>
      <div style="margin: 0px 0px 12px; font-size: 12pt; font-weight: bold; text-align: center;">Subsidiaries</div>
      <div>
        <hr noshade="noshade" align="center" style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze8ec1ca010374ef686aecd126c60eaf8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 52.94%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: justify; font-size: 12pt; font-weight: bold;">Company</div>
          </td>
          <td style="width: 47.06%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: justify; font-size: 12pt; font-weight: bold;">Jurisdiction</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.94%; vertical-align: top;">
            <div style="font-size: 12pt;">NAT BERMUDA HOLDINGS LIMITED</div>
          </td>
          <td style="width: 47.06%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Bermuda</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.94%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Scandic American Shipping Ltd.</div>
          </td>
          <td style="width: 47.06%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Bermuda</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.94%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">NAT Chartering Ltd.</div>
          </td>
          <td style="width: 47.06%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Bermuda</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">38</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>EXHIBIT 7(1)</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">Form of Representation Date Certificate</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">_________________, 20___</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">This Representation Date Certificate (this &#8220;<u>Certificate</u>&#8221;) is executed and delivered in connection with <u>Section 7(1)</u> of the At Market Issuance Sales Agreement (the &#8220;<u>Agreement</u>&#8221;), dated [.1, 2019, and entered into between Nordic American Tankers Limited (the &#8220;<u>Company</u>&#8221;) and B. Riley FBR, Inc. All capitalized terms used but not defined herein shall have the meanings given to such terms in the Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The Company hereby certifies as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">As of
        the date of this Certificate (i) the Registration Statement does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading
        and (ii) neither the Registration Statement nor the Prospectus contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the
        circumstances under which they were made, not misleading and (iii) no event has occurred as a result of which it is necessary to amend or supplement the Prospectus in order to make the statements therein not untrue or misleading for this paragraph
        1 to be true.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Each
        of the representations and warranties of the Company contained in the Agreement were, when originally made, and are, as of the date of this Certificate, true and correct in all material respects.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Except
        as waived by the Agent in writing, each of the covenants required to be performed by the Company in the Agreement on or prior to the date of the Agreement, this Representation Date, and each such other date prior to the date hereof as set forth in
        the Agreement, has been duly, timely and fully performed in all material respects and each condition required to be complied with by the Company on or prior to the date of the Agreement, this Representation Date, and each such other date prior to
        the date hereof as set forth in the Agreement has been duly, timely and fully complied with in all material respects.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Subsequent
        to the date of the most recent financial statements in the Prospectus, and except as described in the Prospectus, including Incorporated Documents, there has been no Material Adverse Effect.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">No
        stop order suspending the effectiveness of the Registration Statement or of any part thereof has been issued, and no proceedings for that purpose have been instituted or are pending or threatened by any securities or other governmental authority
        (including, without limitation, the Commission).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">No
        order suspending the effectiveness of the Registration Statement or the qualification or registration of the Placement Shares under the securities or Blue Sky laws of any</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">39</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-top: 0.4pt; margin-bottom: 12pt; font-size: 12pt;">jurisdiction are in effect and no proceeding for such purpose is pending before, or
      threatened, to the Company&#8217;s knowledge or in writing by, any securities or other governmental authority (including, without limitation, the Commission).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The undersigned has executed this Representation Date Certificate as of the date first written above.</div>
    <table cellspacing="0" cellpadding="0" id="za286cdf43bcb4506b84898ca3255a59d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 46.19%; vertical-align: top;">&#160;</td>
          <td style="width: 2.85%; vertical-align: top;">&#160;</td>
          <td style="width: 50.96%; vertical-align: top;" colspan="2">
            <div style="text-align: justify; font-size: 12pt;">[<font style="font-family: Times New Roman">&#9679;</font>]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.19%; vertical-align: top;">&#160;</td>
          <td style="width: 2.85%; vertical-align: top;">&#160;</td>
          <td style="width: 9.62%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">By:</div>
          </td>
          <td style="width: 41.35%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.19%; vertical-align: top;">&#160;</td>
          <td style="width: 2.85%; vertical-align: top;">&#160;</td>
          <td style="width: 9.62%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Name:</div>
          </td>
          <td style="width: 41.35%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.19%; vertical-align: top;">&#160;</td>
          <td style="width: 2.85%; vertical-align: top;">&#160;</td>
          <td style="width: 9.62%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Title:</div>
          </td>
          <td style="width: 41.35%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">40</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>EXHIBIT 23</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">Permitted Issuer Free Writing Prospectuses</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">[None].</div>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">41</font></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>d8496729_8-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; color: #000000; font-weight: bold;">Exhibit 8.1</div>
    <div><br>
    </div>
    <div style="color: #000000;">&#160;</div>
    <div style="color: #000000;">The following is a list of the Company's subsidiaries as of April 15, 2020:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" id="z0d26a196ba4a4ef391485537d78b8025" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 33%; vertical-align: top;">
            <div style="color: #000000; font-style: italic; font-weight: bold;">Name</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="color: #000000; font-style: italic; font-weight: bold;">Organization</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="color: #000000; font-style: italic; font-weight: bold;">Ownership percentage</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: top;">
            <div style="color: #000000;">Scandic American Shipping Ltd.</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="color: #000000;">Bermuda</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="color: #000000;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: top;">
            <div style="color: #000000;">NAT Chartering Ltd.</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="color: #000000;">Bermuda</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="color: #000000;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: top;">
            <div style="color: #000000;">NAT Bermuda Holdings Limited</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="color: #000000;">Bermuda</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="color: #000000;">100%</div>
          </td>
        </tr>

    </table>
    <div style="color: #000000;">&#160;</div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>6
<FILENAME>d8496729_ex12-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; font-weight: bold;">Exhibit 12.1</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>I, Herbj&#248;rn Hansson, certify that:</div>
    <div><br>
    </div>
    <div>1. I have reviewed this annual report on Form 20-F of Nordic American Tankers Limited;</div>
    <div><br>
    </div>
    <div>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>
    <div><br>
    </div>
    <div>3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
      financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</div>
    <div><br>
    </div>
    <div>4. The Company&#8217;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
      Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:</div>
    <div> <br>
    </div>
    <div style="text-indent: 36pt;">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
      supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
      our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(c) Evaluated the effectiveness of the Company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the
      effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(d) Disclosed in this report any change in the Company&#8217;s internal control over financial reporting that occurred during the period covered
      by the annual report that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.</div>
    <div><br>
    </div>
    <div>5. The Company&#8217;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
      Company&#8217;s auditors and the audit committee of the Company&#8217;s board of directors (or persons performing the equivalent functions):</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
      reasonably likely to adversely affect the Company&#8217;s ability to record, process, summarize and report financial information; and</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company&#8217;s internal
      control over financial reporting.</div>
    <div><br>
    </div>
    <div>Date: April 16, 2020</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><u>/s/ </u><u>Herbj&#248;rn Hansson</u></div>
    <div><u></u>Herbj&#248;rn Hansson</div>
    <div>Chief Executive Officer (Principal Executive Officer)</div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>7
<FILENAME>d8496729_ex12-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; font-weight: bold;">Exhibit 12.2</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>I, Bj&#248;rn Giaever, certify that:</div>
    <div><br>
    </div>
    <div>1. I have reviewed this annual report on Form 20-F of Nordic American Tankers Limited;</div>
    <div><br>
    </div>
    <div>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>
    <div><br>
    </div>
    <div>3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
      financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</div>
    <div><br>
    </div>
    <div>4. The Company&#8217;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
      Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) and 15d-15(f) for the Company and have:</div>
    <div> <br>
    </div>
    <div style="text-indent: 36pt;">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
      supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
      our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(c) Evaluated the effectiveness of the Company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the
      effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(d) Disclosed in this report any change in the Company&#8217;s internal control over financial reporting that occurred during the period covered
      by the annual report that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.</div>
    <div><br>
    </div>
    <div>5. The Company&#8217;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
      Company&#8217;s auditors and the audit committee of the Company&#8217;s board of directors (or persons performing the equivalent functions):</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
      reasonably likely to adversely affect the Company&#8217;s ability to record, process, summarize and report financial information; and</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company&#8217;s internal
      control over financial reporting.</div>
    <div><br>
    </div>
    <div>Date: April 16, 2020</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><u>/s/ Bj&#248;rn Giaever</u></div>
    <div><u></u>Bj&#248;rn Giaever</div>
    <div>Chief Financial Officer (Principal Financial Officer)</div>
  </div>
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<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>8
<FILENAME>d8496729_ex13-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
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         Copyright 1995 - 2020 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; font-weight: bold;">Exhibit 13.1</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">PRINCIPAL EXECUTIVE OFFICER CERTIFICATION</div>
    <div style="text-align: center; font-weight: bold;">PURSUANT TO 18 U.S.C. SECTION 1350</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>In connection with this Annual Report of Nordic American Tankers Limited (the &#8220;Company&#8221;) on Form 20-F for the year ended December 31, 2019 as filed with the
      Securities and Exchange Commission (the &#8220;SEC&#8221;) on or about the date hereof (the &#8220;Report&#8221;), I, Herbj&#248;rn Hansson, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002, that:</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <div>
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              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top;">
                <div>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
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                <div>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</div>
              </td>
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      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon
      request.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>Date: April 16, 2020</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><u>/s/ Herbj&#248;rn Hansson</u></div>
    <div><u></u>Herbj&#248;rn Hansson</div>
    <div>Chief Executive Officer (Principal Executive Officer)</div>
  </div>
</body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>9
<FILENAME>d8496729_ex13-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
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         Copyright 1995 - 2020 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; font-weight: bold;">Exhibit 13.2</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">PRINCIPAL FINANCIAL OFFICER CERTIFICATION</div>
    <div style="text-align: center; font-weight: bold;">PURSUANT TO 18 U.S.C. SECTION 1350</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>In connection with this Annual Report of Nordic American Tankers Limited (the &#8220;Company&#8221;) on Form 20-F for the year ended December 31, 2019 as filed with the
      Securities and Exchange Commission (the &#8220;SEC&#8221;) on or about the date hereof (the &#8220;Report&#8221;), I, Bj&#248;rn Giaever, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
      Act of 2002, that:</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <div>
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            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top;">
                <div>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
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                <div>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</div>
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    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon
      request.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>Date: April 16, 2020</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><u>/s/ </u><u>Bj&#248;rn Giaever</u></div>
    <div><u></u>Bj&#248;rn Giaever</div>
    <div>Chief Financial Officer (Principal Financial Officer)</div>
  </div>
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<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>10
<FILENAME>d8496729_ex15-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 15.1</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: center; margin-bottom: 20pt; font-weight: bold;">Consent of Independent Registered Public Accounting Firm</div>
    <div style="margin-bottom: 10pt;">The Board of Directors<br>
      Nordic American Tankers Limited:</div>
    <div style="margin-bottom: 10pt;">We consent to the incorporation by reference in the registration statement (No. 333-228603) on Form F-3 of Nordic American Tankers Limited of our reports dated April 16, 2020, with respect to the consolidated balance
      sheets of Nordic American Tankers Limited and subsidiaries as of December&#160;31, 2019 and 2018, and the related consolidated statements of operations, comprehensive loss, shareholders&#8217; equity, and cash flows for each of the years in the three-year
      period ended December&#160;31, 2019, and the related notes, and the effectiveness of internal control over financial reporting as of December&#160;31, 2019, which reports appear in the December&#160;31, 2019 annual report on Form 20-F of Nordic American Tankers
      Limited.</div>
    <div style="background-color: #FFFFFF;">
      <div style="margin-top: 12pt; color: #000000;">Our audit report refers to a change to the method of accounting for revenue from contracts with customers in 2018 due to the adoption of ASC Topic 606 &#8212; Revenue From Contracts With Customers</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="margin-bottom: 10pt;">/s/ KPMG AS</div>
    <div style="margin-top: 10pt; margin-bottom: 10pt;">Oslo, Norway<br>
      April 16, 2020</div>
    <div style="margin-top: 10pt; margin-bottom: 10pt;"> <br>
    </div>
    <div style="margin-top: 10pt; margin-bottom: 10pt;"> <br>
    </div>
    <div style="margin-top: 10pt; margin-bottom: 10pt;"> </div>
  </div>
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<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>11
<FILENAME>d8508485_ex15-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
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         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; font-size: 12pt; font-weight: bold;">Exhibit 15.2</div>
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            <div style="text-align: center; text-indent: 72pt; font-size: 14pt;">FEARNRESEARCH</div>
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        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">March 23, 2020</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Nordic American Tankers<br>
      LOM Building<br>
      27 Reid Street<br>
      Hamilton HM1 1<br>
      Bermuda</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">Ladies and Gentlemen,</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">Reference is made to the Annual Report on Form 20F for the year ended December 31, 2019 of Nordic American Tankers Limited (the
      "Company") to be filed with the U.S. Securities and Exchange Commission (the "SEC") (the "Annual Report").</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;">We hereby consent to all references to our name in the Annual Report and to the use of the statistical information supplied by us as set forth in the
      Annual Report, including, without limitation, the information set forth in the Annual Report under the heading "The 2019 Tanker Market".&#160; We further advise the Company that our role has been limited to the provision of such statistical data supplied
      by us.&#160; With respect to such statistical data, we further advise you that:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
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                <div style="font-size: 12pt;">certain information in our database is derived from estimates or subjective judgments, and while we have taken reasonable care in the compilation of the statistical
                  and graphical information and believe it to be accurate and correct, data compilation is subject to limited audit and validation procedures;</div>
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              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;">the information in the databases of other maritime data collection agencies may differ from the information in our database.</div>
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    <div><br>
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    <div style="text-align: justify; font-size: 12pt;">We hereby consent to the filing of this letter as an exhibit to the Annual Report to be filed with the SEC pursuant to the Securities Exhange Act of 1934,
      as amended, and to the references to our firm in the section of the Annual Report entitled "The 2019 Tanker Market".</div>
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            <div style="font-size: 12pt;">Yours faithfully,</div>
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            <div><font style="font-size: 12pt;">/s/</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 13.5pt">&#160;</font><font style="font-size: 12pt;">Dag Kilen</font></div>
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            <div style="text-indent: 13.5pt; font-size: 12pt;">Director &#8211; Global Head of Research</div>
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    <div style="font-size: 12pt;">Fearnleys AS</div>
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            <div style="font-weight: bold;">Fearnleys AS</div>
            <div style="font-size: 8pt;">Enterprise Number NO 943 190 410 VAT</div>
            <div style="font-size: 8pt;">An Astrup Fearnley company</div>
            <div>&#160;</div>
            <div style="font-size: 8pt;"><u>www.fearnleys.no</u></div>
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            <div style="font-size: 8pt;">Office:</div>
            <div style="font-size: 8pt;">Grev Wede ls pl. 9</div>
            <div style="font-size: 8pt;">N-0151 Oslo</div>
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            <div style="font-size: 8pt;">Mailing address:</div>
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            <div style="font-size: 8pt;">N-0107 Oslo</div>
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font-family: &amp;amp;quot; font-style: italic;"&gt;All figures in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Accrued Interest&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;163&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;1,598&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Accrued Expenses&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;11,569&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;7,362&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; 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width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;Total as of December 31,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;15,562&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;8,960&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; text-indent: 0pt; margin-left: 20pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The settlement of the deferred compensation liabilities includes the settlement with our former CFO and Executive Vice President that is payable within March 31, 2020 and payroll taxes related to this settlement and the settlement of the Executive Pension Plan with our Chairman, President &amp;amp; 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  <us-gaap:ConcentrationRiskCreditRisk id="Fact_ba2201eb972a400aaab72362a549b19d" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;&lt;font style="font-weight: bold;"&gt;Concentration of Credit Risk:&lt;/font&gt;&lt;font style="font-weight: bold; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company&amp;#8217;s cash is primarily held in major banks and financial institutions and typically insured up to a set amount. Accordingly, the Company believes the risk of any potential loss on deposits held in these institutions is remote. Concentrations of credit risk relative to accounts receivable are limited to our client base in the oil and energy industry that may be affected by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable. The fair value of the financial instruments approximates the net book value.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;For the year ended December 31, 2019, one customer accounted for 13.5% of the spot charter revenues. For the year ended December 31, 2018, one customer accounted for 10.5% of the spot charter revenues. For the year ended December 31, 2017, one customer accounted for 12% of the spot charter revenues.&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;Accounts receivable, Net, as of December 31, 2019, and 2018 were $24.6 and $22.1 million, respectively. As of December 31, 2019, three charterers accounted for 48% of the outstanding accounts receivable, with 19%, 15% and 14%. As of December 31, 2018, three charterers accounted for 49% of the outstanding accounts receivable, with 24%, 13%, and 12%.&lt;/div&gt;&lt;/div&gt;</us-gaap:ConcentrationRiskCreditRisk>
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  <us-gaap:ConsolidationPolicyTextBlock id="Fact_74ea78bc6b324a8c8ac9798cea9229db" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Principles of Consolidation: &lt;/font&gt;Entities in which NAT has controlling financial interest are consolidated. Subsidiaries are consolidated from the date on which control is obtained. The subsidiaries&amp;#8217; accounting policies are in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated in the consolidation.&lt;/div&gt;&lt;/div&gt;</us-gaap:ConsolidationPolicyTextBlock>
  <!--2024-->
  <us-gaap:ContractualObligationDueInFifthYear id="Fact_2c37ff3af646486db155c24de420c254" contextRef="c20191231" unitRef="U002" decimals="-3">236272000</us-gaap:ContractualObligationDueInFifthYear>
  <!--2024-Newbuild Financing [Member]-->
  <us-gaap:ContractualObligationDueInFifthYear id="Fact_2f859175af6f4facaf069c58af11db9c" contextRef="c20191231_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U002" decimals="-3">9138000</us-gaap:ContractualObligationDueInFifthYear>
  <!--2024-Secured Debt [Member]-->
  <us-gaap:ContractualObligationDueInFifthYear id="Fact_798357a35a61460fa43f61ef09918d2d" contextRef="c20191231_CreditFacilityAxis_SecuredDebtMember" unitRef="U002" decimals="-3">227134000</us-gaap:ContractualObligationDueInFifthYear>
  <!--Contractual Obligation, Due in Next Fiscal Year-->
  <us-gaap:ContractualObligationDueInNextTwelveMonths id="Fact_4d869732df7f4558b227939c3f3d09c6" contextRef="c20191231" unitRef="U002" decimals="-3">26379000</us-gaap:ContractualObligationDueInNextTwelveMonths>
  <!--Contractual Obligation, Due in Next Fiscal Year-Secured Debt [Member]-->
  <us-gaap:ContractualObligationDueInNextTwelveMonths id="Fact_a3665f16e8cf45df81cc954e562a77a7" contextRef="c20191231_CreditFacilityAxis_SecuredDebtMember" unitRef="U002" decimals="-3">18749000</us-gaap:ContractualObligationDueInNextTwelveMonths>
  <!--Contractual Obligation, Due in Next Fiscal Year-Newbuild Financing [Member]-->
  <us-gaap:ContractualObligationDueInNextTwelveMonths id="Fact_e71c4bd30c2d40b890de03018617b64f" contextRef="c20191231_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U002" decimals="-3">7630000</us-gaap:ContractualObligationDueInNextTwelveMonths>
  <!--More than 5 years-Newbuild Financing [Member]-->
  <us-gaap:ContractualObligationDueAfterFifthYear id="Fact_4862bf13f2704d90a22363a3927a240e" contextRef="c20191231_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U002" decimals="-3">78101000</us-gaap:ContractualObligationDueAfterFifthYear>
  <!--More than 5 years-Secured Debt [Member]-->
  <us-gaap:ContractualObligationDueAfterFifthYear id="Fact_51d4132871ba46c19665edcddc6026b1" contextRef="c20191231_CreditFacilityAxis_SecuredDebtMember" unitRef="U002" decimals="-3">0</us-gaap:ContractualObligationDueAfterFifthYear>
  <!--More than 5 years-->
  <us-gaap:ContractualObligationDueAfterFifthYear id="Fact_d9cc921460a04056a2bcf2be097d92e7" contextRef="c20191231" unitRef="U002" decimals="-3">78101000</us-gaap:ContractualObligationDueAfterFifthYear>
  <!--Contractual Obligation, Due in Third Year-Newbuild Financing [Member]-->
  <us-gaap:ContractualObligationDueInThirdYear id="Fact_1a6611e091db44ce9a8794ec033b9dbf" contextRef="c20191231_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U002" decimals="-3">8327000</us-gaap:ContractualObligationDueInThirdYear>
  <!--Contractual Obligation, Due in Third Year-Secured Debt [Member]-->
  <us-gaap:ContractualObligationDueInThirdYear id="Fact_530dda5eb8f14f78acdcb0e5e71a8a63" contextRef="c20191231_CreditFacilityAxis_SecuredDebtMember" unitRef="U002" decimals="-3">15305000</us-gaap:ContractualObligationDueInThirdYear>
  <!--Contractual Obligation, Due in Third Year-->
  <us-gaap:ContractualObligationDueInThirdYear id="Fact_dff59d78daf74769a64d7a05076d3dd9" contextRef="c20191231" unitRef="U002" decimals="-3">23632000</us-gaap:ContractualObligationDueInThirdYear>
  <!--2023-->
  <us-gaap:ContractualObligationDueInFourthYear id="Fact_70466f115ab44633a0cdc39c8c0cbcdc" contextRef="c20191231" unitRef="U002" decimals="-3">24016000</us-gaap:ContractualObligationDueInFourthYear>
  <!--2023-Newbuild Financing [Member]-->
  <us-gaap:ContractualObligationDueInFourthYear id="Fact_e5a55cfb7057406c8ff07369d5c59f96" contextRef="c20191231_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U002" decimals="-3">8711000</us-gaap:ContractualObligationDueInFourthYear>
  <!--2023-Secured Debt [Member]-->
  <us-gaap:ContractualObligationDueInFourthYear id="Fact_e8631b1bf6fc48d5bc570a0c1dc2fa4e" contextRef="c20191231_CreditFacilityAxis_SecuredDebtMember" unitRef="U002" decimals="-3">15305000</us-gaap:ContractualObligationDueInFourthYear>
  <!--Contractual Obligation, Due in Second Year-->
  <us-gaap:ContractualObligationDueInSecondYear id="Fact_6b7f0ddac1b54467b804c773c7a31663" contextRef="c20191231" unitRef="U002" decimals="-3">23265000</us-gaap:ContractualObligationDueInSecondYear>
  <!--Contractual Obligation, Due in Second Year-Secured Debt [Member]-->
  <us-gaap:ContractualObligationDueInSecondYear id="Fact_a13d36d36b3944d58c7218f32928a72a" contextRef="c20191231_CreditFacilityAxis_SecuredDebtMember" unitRef="U002" decimals="-3">15305000</us-gaap:ContractualObligationDueInSecondYear>
  <!--Contractual Obligation, Due in Second Year-Newbuild Financing [Member]-->
  <us-gaap:ContractualObligationDueInSecondYear id="Fact_dc717dbd37774b74824734498aa39b10" contextRef="c20191231_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U002" decimals="-3">7960000</us-gaap:ContractualObligationDueInSecondYear>
  <!--Total-->
  <us-gaap:ContractualObligation id="Fact_137f6094997a4e99b4c3cdf65fa8db34" contextRef="c20191231" unitRef="U002" decimals="-3">411665000</us-gaap:ContractualObligation>
  <!--Total-Newbuild Financing [Member]-->
  <us-gaap:ContractualObligation id="Fact_287196c8174f49e7883302262dbef78c" contextRef="c20191231_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U002" decimals="-3">119867000</us-gaap:ContractualObligation>
  <!--Total-Secured Debt [Member]-->
  <us-gaap:ContractualObligation id="Fact_63d21e5ea64e4a708d1807c59db3e36e" contextRef="c20191231_CreditFacilityAxis_SecuredDebtMember" unitRef="U002" decimals="-3">291798000</us-gaap:ContractualObligation>
  <!--Cost of Goods and Services Sold-->
  <us-gaap:CostOfGoodsAndServicesSold id="Fact_09dc26da70ec4831b8d1ec919f0c0617" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">141770000</us-gaap:CostOfGoodsAndServicesSold>
  <!--Cost of Goods and Services Sold-->
  <us-gaap:CostOfGoodsAndServicesSold id="Fact_aca56174c78a4c7790e5b65b2aafa905" contextRef="c20180101to20181231" unitRef="U002" decimals="-3">165012000</us-gaap:CostOfGoodsAndServicesSold>
  <!--Cost of Goods and Services Sold-->
  <us-gaap:CostOfGoodsAndServicesSold id="Fact_fb6db2faaefa47329a16685c6b68a38d" contextRef="c20170101to20171231" unitRef="U002" decimals="-3">142465000</us-gaap:CostOfGoodsAndServicesSold>
  <!--Cost of Goods and Services Sold-Difference between Revenue Guidance in Effect before and after Topic 606 [Member]-->
  <us-gaap:CostOfGoodsAndServicesSold id="Fact_0a03cc5f69cb45a5bebadc55a372bb7f" contextRef="c20180101to20181231_InitialApplicationPeriodCumulativeEffectTransitionAxis_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member" unitRef="U002" decimals="-3">627000</us-gaap:CostOfGoodsAndServicesSold>
  <!--Cost of Goods and Services Sold-Calculated under Revenue Guidance in Effect before Topic 606 [Member]-->
  <us-gaap:CostOfGoodsAndServicesSold id="Fact_e787caa987174b78b996aa79addc9f5f" contextRef="c20180101to20181231_InitialApplicationPeriodCumulativeEffectTransitionAxis_CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member" unitRef="U002" decimals="-3">165639000</us-gaap:CostOfGoodsAndServicesSold>
  <!--Costs and Expenses, Related Party-Hermitage Offshore Services Limited [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty id="Fact_0f6787c9f2a74ccf8fe89e7b6531b33a" contextRef="c20180101to20181231_RelatedPartyTransactionsByRelatedPartyAxis_HermitageOffshoreServicesLimitedMember" unitRef="U002" decimals="-5">2300000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Costs and Expenses, Related Party-Hermitage Offshore Services Limited [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty id="Fact_1d8f46df69254d709a37b136d09e3641" contextRef="c20170101to20171231_RelatedPartyTransactionsByRelatedPartyAxis_HermitageOffshoreServicesLimitedMember" unitRef="U002" decimals="-5">2300000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Costs and Expenses, Related Party-Board Member [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty id="Fact_70aa6e936c044411b5e84c90151d7705" contextRef="c20180101to20181231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember" unitRef="U002" decimals="-5">400000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Costs and Expenses, Related Party-Board Member [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty id="Fact_79e7fe4540a14e2eaf967a128299faf8" contextRef="c20170101to20171231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember" unitRef="U002" decimals="-5">200000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Costs and Expenses, Related Party-Board Member [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty id="Fact_8f4834f4b04544fea83706795d0bf542" contextRef="c20190101to20191231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember" unitRef="U002" decimals="-5">300000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Costs and Expenses, Related Party-Hermitage Offshore Services Limited [Member]-->
  <us-gaap:CostsAndExpensesRelatedParty id="Fact_9d2ca1f3987f4a27a27a82d8dddfa4de" contextRef="c20190101to20191231_RelatedPartyTransactionsByRelatedPartyAxis_HermitageOffshoreServicesLimitedMember" unitRef="U002" decimals="-5">900000</us-gaap:CostsAndExpensesRelatedParty>
  <!--Effect of change in accounting policy-ASC 606 [Member]-AOCI Attributable to Parent [Member]-->
  <us-gaap:CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption id="Fact_03b9b06d0c5b4311bd3c873f6f39a0df" contextRef="c20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201409Member_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</us-gaap:CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption>
  <!--Effect of change in accounting policy-Common Stock [Member]-ASC 606 [Member]-->
  <us-gaap:CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption id="Fact_1aac5c5cb3f0428397e06e897c4b5b85" contextRef="c20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201409Member_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</us-gaap:CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption>
  <!--Effect of change in accounting policy-ASC 606 [Member]-->
  <us-gaap:CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption id="Fact_b19b7e7ad42a477282983f420c8192d1" contextRef="c20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201409Member" unitRef="U002" decimals="-3">-4072000</us-gaap:CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption>
  <!--Effect of change in accounting policy-ASC 606 [Member]-Retained Earnings/(Accumulated Deficit) [Member]-->
  <us-gaap:CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption id="Fact_c1be15a1501d4659905be94ae82ca72a" contextRef="c20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201409Member_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">-4072000</us-gaap:CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption>
  <!--Effect of change in accounting policy-Additional Paid-in Capital [Member]-ASC 606 [Member]-->
  <us-gaap:CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption id="Fact_ca4aea221c954aeb88f106fb78fdb893" contextRef="c20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201409Member_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">0</us-gaap:CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption>
  <!--Disaggregation of Revenue [Table Text Block]-->
  <us-gaap:DisaggregationOfRevenueTableTextBlock id="Fact_1ad3396190e84925a1e9d47058d560a4" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;Our voyage revenues consist of time charter revenues and spot charter revenues with the following split:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 44%;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;All amounts in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;Spot charter revenues&lt;/font&gt;*&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;283,007&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;259,978&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;257,495&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Time charter revenues&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;34,213&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;29,038&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;39,646&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Voyage Revenues&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;317,220&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;289,016&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;297,141&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size: 8pt;"&gt;*Spot charter revenues for 2019 and 2018 are presented in accordance we ASC 606 Revenue from Contracts with Customers. 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  <us-gaap:DepositsFairValueDisclosure id="Fact_b5847e627ec94d368fa1f1357259ab0b" contextRef="c20181231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsRecurringMember" unitRef="U002" decimals="-3">127140000</us-gaap:DepositsFairValueDisclosure>
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  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock id="Fact_9357aa5b0f71475ca25481f3c622c9fb" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 27pt; vertical-align: top; font-weight: bold;"&gt;9.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-weight: bold;"&gt;SHARE-BASED COMPENSATION PLAN&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify; font-weight: bold;"&gt;Equity Incentive Plan&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;In 2011, the Board of Directors decided to establish an incentive plan involving a maximum of 400,000 shares pursuant to a vesting schedule of which all shares were allocated among the management of the Company and the members of the Board of Directors. The shares are forfeited if the grantee leaves the Company before the shares are vested. The holders of the shares are entitled to voting rights as well as to receive dividends paid during the trade restriction period.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;In December 2015, the Board of Directors amended and restated the 2011 Equity Incentive Plan to reserve an additional 137,665 shares for issuance to persons employed in the management of the Company and members of the Board of Directors under the same terms as the original plan.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;As of December 31, 2019, a total of 92,165 common shares with a weighted average grant date fair value of $14.38 have been allocated with a remaining unrecognized cost related to unvested shares of nil. A total of 87,665 common shares vested on January 8, 2020.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The Company held 22,000 treasury shares as of December 31, 2018 from forfeitures and further 20,000 common shares have forfeited from employees in 2019. The Company held 42,000 common shares as treasury shares as of December 31, 2019.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The compensation expense is recognized on a straight-line basis over the vesting period and is recorded as part of General and Administrative expenses. The total compensation expense related to common shares under the plan was $0.1 million, $0.4 million, and $0.5 million for the years ended December 31, 2019, December 31, 2018 and December 31, 2017, respectively.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Stock Option Award Amendment&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;The Board of Directors has in 2019 amended and restated the 2011 Equity Incentive Plan to reserve an additional 1,000,000 stock options for issuance. The stock options have been allocated amongst management and employees of the Company.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;As of December 31, 2019, the Company has granted 755,000 and 234,000 options with vesting over a period of two and three years, respectively, and an exercise price of $4.70 per share.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;The Company has used the Black-Scholes option pricing model to measure the grant date fair value of the options with the following assumptions applied to the model;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 70%; color: #000000; font-size: 10pt; text-align: left;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); width: 46%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div&gt;Options with two&lt;/div&gt;&lt;div&gt;year vesting&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div&gt;Options with&lt;/div&gt;&lt;div&gt;three year vesting&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 46%; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Volatility&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;57.5&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;%&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;52.5&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;%&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 46%; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Dividend yield&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;10.0&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;%&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;10.0&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;%&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 46%; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Risk-free interest rate&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1.64&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;%&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1.65&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;%&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 46%; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Weighted-average grant date fair value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;0.59&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;0.58&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;The expected volatility was based on historical volatility observed from historical company-specific data during the two years prior to the grant date.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;The compensation expense related to the stock option awards was $0.1 million for the year ended December 31, 2019 and the remaining unrecognized cost related to non-vested stock options was $0.5 million with a remaining average remaining vesting period of 2.1 years.&lt;/div&gt;&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
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  <!--Dividend declare date-Subsequent Event [Member]-->
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  <!--Dividends-Subsequent Event [Member]-->
  <us-gaap:Dividends id="Fact_bc612f0aa8164d878ffb71dca1169ed8" contextRef="c20200218to20200218_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-5">10300000</us-gaap:Dividends>
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  <us-gaap:DueToRelatedPartiesCurrent id="Fact_2934357f5e654102b05e754856c478cb" contextRef="c20181231_RelatedPartyTransactionsByRelatedPartyAxis_DirectorMember" unitRef="U002" decimals="-3">0</us-gaap:DueToRelatedPartiesCurrent>
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  <!--Earnings Per Share [Text Block]-->
  <us-gaap:EarningsPerShareTextBlock id="Fact_dae0d531a00b40798cade4145227541e" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 25.5pt; vertical-align: top; font-weight: bold;"&gt;13.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="font-weight: bold;"&gt;EARNINGS (LOSS) PER SHARE&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;Basic earnings per share (&amp;#8220;EPS&amp;#8221;) are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;All figures in USD except number of shares and earnings (loss) per common share&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;&lt;font style="font-style: italic;"&gt;Numerator&lt;/font&gt;:&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="margin-left: 9pt;"&gt;Net Loss&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(10,352&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(95,306&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(204,969&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;Denominator:&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="margin-left: 9pt;"&gt;Basic - Weighted Average Common Shares Outstanding&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;142,571,361&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;141,969,666&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;103,832,680&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="margin-left: 9pt;"&gt;Dilutive &amp;#8211; Weighted Average Common Shares Outstanding&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;142,571,361&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;141,969,666&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;103,832,680&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;Loss per Common Share:&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="margin-left: 9pt;"&gt;Basic&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(0.07&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(0.67&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(1.97&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="margin-left: 9pt;"&gt;Diluted&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(0.07&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(0.67&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(1.97&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;On March 29, 2019, the Company launched an ATM program of our common shares for up to $40.0 million. The Company has issued 5,260,968 shares with net proceeds of $17.9 million under its At-the-Market as of December 31, 2019. The Company has not issued any shares subsequent to the balance sheet date.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;The remaining available proceeds through the offering is $21.4 million as of the date of this report. Based on the share price of the Company of $3.47 per share as of April 3, 2020 it would have resulted in 6,173,500 new shares being issued, if fully utilizing the remaining balance available through the ATM.&lt;/div&gt;&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
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  <!--Diluted (in dollars per share)-->
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  <!--Investment Securities-->
  <us-gaap:EquitySecuritiesFvNi id="Fact_00f48eea8351422e8805ab4db5c332b8" contextRef="c20181231" unitRef="U002" decimals="-3">0</us-gaap:EquitySecuritiesFvNi>
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  <us-gaap:EquitySecuritiesFvNi id="Fact_793f139c799741d28b3b661295efa8e6" contextRef="c20191231" unitRef="U002" decimals="-3">825000</us-gaap:EquitySecuritiesFvNi>
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  <us-gaap:EquitySecuritiesFvNi id="Fact_ddee75a1382845ddb2c7cd728a4b18e7" contextRef="c20181231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsRecurringMember" unitRef="U002" decimals="-3">4197000</us-gaap:EquitySecuritiesFvNi>
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  <!--Ownership interest-Maximum [Member]-Hermitage Offshore Services Limited [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage id="Fact_e3e346133d914060908737a3f9a57a4c" contextRef="c20191231_RangeAxis_MaximumMember_RelatedPartyTransactionsByRelatedPartyAxis_HermitageOffshoreServicesLimitedMember" unitRef="U005" decimals="2">0.05</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--Investments in Equity Method Investees-->
  <us-gaap:EquityMethodInvestmentsPolicy id="Fact_144ec73b87f14a20a8703f41cf0bccb9" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Investments in Equity Method Investees:&lt;/font&gt; Investments in other entities where the Company has &amp;#8220;significant influence&amp;#8221; in accordance with U.S. GAAP are accounted for using the equity method of accounting. Under the equity method of accounting, the investment is stated at initial cost and is adjusted for subsequent additional investments and the Company&amp;#8217;s proportionate share of earnings or losses and distributions. The Company evaluates its investment in equity method investees for impairment when events or circumstances indicate that the carrying value of the investment may have experienced an other than temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Statements of Operations.&lt;/div&gt;&lt;/div&gt;</us-gaap:EquityMethodInvestmentsPolicy>
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  <us-gaap:FairValueDisclosuresTextBlock id="Fact_0df3f71aec3548bf8c3a4dc041873e1f" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 25.5pt; vertical-align: top; font-weight: bold;"&gt;16.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="font-weight: bold;"&gt;FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The majority of NAT and its subsidiaries&amp;#8217; transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company&amp;#8217;s cash flows.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows:&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 72pt; vertical-align: top;"&gt;Level 1.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 72pt; vertical-align: top;"&gt;Level 2.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 72pt; vertical-align: top;"&gt;Level 3.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 27pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;-&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 27pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;-&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2019 and 2018, are as follows:&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; font-family: &amp;amp;amp; font-style: italic;"&gt;All figures in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Fair Value&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Hierarchy&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Level&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2019&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Fair&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2019&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Carrying&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2018&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Fair&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2018&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Carrying&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-family: &amp;amp;amp; font-style: italic;"&gt;Recurring:&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Cash and Cash Equivalents&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;48,847&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;48,847&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;49,327&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;49,327&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Restricted Cash&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;12,791&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;12,791&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Credit Facility&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(313,400&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(313,400&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2019 Senior Secured Credit Facility*&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(291,798&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(291,798&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"&gt;&lt;div&gt;Investment Securities&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;825&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;825&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;4,197&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;4,197&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;"&gt;&lt;div&gt;Vessel financing 2018 Newbuildings*&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;2&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;(119,867&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;(119,867&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;(127,140&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;(127,140&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;* The 2019 Senior Secured Credit Facility and Vessel financing 2018 Newbuildings carry a floating LIBOR interest rate, plus a margin and the fair value is assumed to equal the carrying value.&lt;/div&gt;&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
  <!--Fair Value of Financial Instruments-->
  <us-gaap:FairValueOfFinancialInstrumentsPolicy id="Fact_5b776df2fa1849c3ba67de498b538655" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Fair Value of Financial Instruments:&lt;/font&gt; The fair values of cash, cash equivalents and restricted cash, accounts receivable, accounts payable and accrued liabilities approximate carrying value because of the short-term nature of these instruments.&lt;/div&gt;&lt;/div&gt;</us-gaap:FairValueOfFinancialInstrumentsPolicy>
  <!--Carrying Value of Estimated Fair Value of Financial Instruments-->
  <us-gaap:FairValueByBalanceSheetGroupingTextBlock id="Fact_3cea208c794246349fb31ace2f3b2d99" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2019 and 2018, are as follows:&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; font-family: &amp;amp;amp; font-style: italic;"&gt;All figures in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Fair Value&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Hierarchy&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Level&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2019&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Fair&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2019&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Carrying&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2018&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Fair&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2018&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Carrying&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-family: &amp;amp;amp; font-style: italic;"&gt;Recurring:&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Cash and Cash Equivalents&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;48,847&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;48,847&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;49,327&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;49,327&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Restricted Cash&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;12,791&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;12,791&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Credit Facility&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(313,400&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(313,400&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; 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width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"&gt;&lt;div&gt;Investment Securities&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;825&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;825&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;4,197&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;4,197&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;"&gt;&lt;div&gt;Vessel financing 2018 Newbuildings*&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;2&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;(119,867&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;(119,867&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;(127,140&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;(127,140&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;div&gt;* The 2019 Senior Secured Credit Facility and Vessel financing 2018 Newbuildings carry a floating LIBOR interest rate, plus a margin and the fair value is assumed to equal the carrying value.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:FairValueByBalanceSheetGroupingTextBlock>
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  <!--Increase (Decrease) in Inventories-->
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  <!--Increase (Decrease) in Prepaid Expense and Other Assets-->
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  <!--Increase (Decrease) in Prepaid Expense and Other Assets-->
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  <!--Increase (Decrease) in Prepaid Expense and Other Assets-Difference between Revenue Guidance in Effect before and after Topic 606 [Member]-->
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  <!--Accrued Interest-->
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  <!--Interest expenses, capitalized interest-->
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  <!--Interest expenses, capitalized interest-->
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  <!--Interest Expense-->
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  <!--Interest Expense-->
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  <!--Interest Expense-->
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  <!--Other financial costs-->
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  <!--Other financial costs-->
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  <!--Other financial costs-->
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  <!--Amortization of Deferred Financing Costs-->
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  <!--Amortization of Deferred Financing Costs-->
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  <!--Cash Paid for Interest, Net of Amounts Capitalized-->
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  <!--Cash Paid for Interest, Net of Amounts Capitalized-->
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  <!--Cash Paid for Interest, Net of Amounts Capitalized-->
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  <!--Interest Income and Interest Expense Disclosure [Text Block]-->
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text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;All amounts in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;quot; font-weight: bold;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;quot; font-weight: bold;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;quot; font-weight: bold;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Interest Expenses, net of capitalized interest&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;34,018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;29,753&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;18,286&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Commitment Fee&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;3,325&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;760&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Amortization of Deferred Financing Costs&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;4,372&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;1,470&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;1,393&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Other financial costs&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;25&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;Total Interest Expenses&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;38,390&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;34,549&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;20,464&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;For the years ended December 31, 2019, 2018 and 2017, $0.0 million, $2.6 million and $2.5 million of interest expenses were capitalized, respectively.&lt;/div&gt;&lt;/div&gt;</us-gaap:InterestIncomeAndInterestExpenseDisclosureTextBlock>
  <!--Inventories-->
  <us-gaap:InventoryPolicyTextBlock id="Fact_8f6bb40dafe1467fa971a6440bfcd223" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Inventories: &lt;/font&gt;Inventories are comprised of bunker fuel and lubrication oil. Cost is determined on a first-in, first-out (&amp;#8220;FIFO&amp;#8221;) basis.&lt;/div&gt;&lt;/div&gt;</us-gaap:InventoryPolicyTextBlock>
  <!--Investment [Text Block]-->
  <us-gaap:InvestmentTextBlock id="Fact_0ceafc215e5a456587aba1b8c7d877d9" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 26.85pt; vertical-align: top; font-weight: bold;"&gt;5.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-weight: bold;"&gt;INVESTMENT SECURITIES&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;Hermitage Offshore Services Ltd. (&amp;#8220;HOS&amp;#8221;) (formerly known as Nordic American Offshore Ltd) was incorporated in 2013, and operates ten platform supply vessels, eleven crew boats and two anchor handling vessels. HOS is listed on the New York Stock Exchange under the ticker &amp;#8220;PSV&amp;#8221;. NAT has sold 187,815 shares in HOS during the year and is holding 811,538 shares as of December 31, 2019 that is equaling about 3.16% of the common shares outstanding in HOS as of December 31, 2019. The reduction in ownership is a result of non-participation in several equity offerings in HOS during 2019 together with the abovementioned sale of shares.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;The carrying value of the investment per December 31, 2019 and 2018 is $0.8 million and $4.2 million, respectively, based on the share price. The Company has disposed of shares for a consideration of $0.2 million in 2019 and recognized a loss of $3.2 million and zero in earnings from changes in fair market value for the periods ending December 31, 2019 and 2018, respectively.&lt;/div&gt;&lt;/div&gt;</us-gaap:InvestmentTextBlock>
  <!--Investment Income, Interest-->
  <us-gaap:InvestmentIncomeInterest id="Fact_49230e4aeeb44463b2bd16689772dbcd" contextRef="c20170101to20171231" unitRef="U002" decimals="-3">347000</us-gaap:InvestmentIncomeInterest>
  <!--Investment Income, Interest-->
  <us-gaap:InvestmentIncomeInterest id="Fact_4a48dafb596d463f8fb34d96156872d8" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">298000</us-gaap:InvestmentIncomeInterest>
  <!--Investment Income, Interest-->
  <us-gaap:InvestmentIncomeInterest id="Fact_8105399dd8a645b191cf1b0696dc007b" contextRef="c20180101to20181231" unitRef="U002" decimals="-3">334000</us-gaap:InvestmentIncomeInterest>
  <!--Investment, Policy [Policy Text Block]-->
  <us-gaap:InvestmentPolicyTextBlock id="Fact_ee140a7fd2484c0b86bcf58dfd7e89e6" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Investment Securities:&lt;/font&gt; Equity securities are recorded at fair value with changes in fair value recognized in net income.&lt;/div&gt;&lt;/div&gt;</us-gaap:InvestmentPolicyTextBlock>
  <!--Lessor, Operating Lease, Payments to be Received-Time Charter [Member]-->
  <us-gaap:LessorOperatingLeasePaymentsToBeReceived id="Fact_ceee2d4384794635b2ca70215166f285" contextRef="c20191231_ProductOrServiceAxis_TimeCharterMember" unitRef="U002" decimals="-3">35249000</us-gaap:LessorOperatingLeasePaymentsToBeReceived>
  <!--2020-Time Charter [Member]-->
  <us-gaap:LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths id="Fact_f7d0cbfd0f5d4b84adb160c29b7e8abb" contextRef="c20191231_ProductOrServiceAxis_TimeCharterMember" unitRef="U002" decimals="-3">27932000</us-gaap:LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths>
  <!--Future Minimum Revenues-->
  <us-gaap:LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock id="Fact_5f576d718f9b4f5e9e2ab5b97c4c99ca" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;The future minimum revenues as at December 31, 2019 related to time charter revenues are as follows:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 48%;"&gt;&lt;div style="font-family: &amp;amp;amp; font-style: italic;"&gt;All amounts in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Amount&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2020&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;27,932&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2021&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;7,317&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2022&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Future minimum revenues&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;35,249&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock>
  <!--2021-Time Charter [Member]-->
  <us-gaap:LessorOperatingLeasePaymentsToBeReceivedTwoYears id="Fact_2b0a8edde58646eeaebed25f1655bbc0" contextRef="c20191231_ProductOrServiceAxis_TimeCharterMember" unitRef="U002" decimals="-3">7317000</us-gaap:LessorOperatingLeasePaymentsToBeReceivedTwoYears>
  <!--2022-Time Charter [Member]-->
  <us-gaap:LessorOperatingLeasePaymentsToBeReceivedThreeYears id="Fact_dbd57a5b4e424ff58907665753893913" contextRef="c20191231_ProductOrServiceAxis_TimeCharterMember" unitRef="U002" decimals="-3">0</us-gaap:LessorOperatingLeasePaymentsToBeReceivedThreeYears>
  <!--Lessee, Leases [Policy Text Block]-->
  <us-gaap:LesseeLeasesPolicyTextBlock id="Fact_cf7805c426794e2a8042962d999ffc0f" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;&lt;font style="font-weight: bold;"&gt;Leases:&lt;/font&gt; The Company bareboat charters certain vessels under leasing agreements. Sale-leaseback arrangements where the transaction is not considered a sale under ASC 606 are accounted for as a financing transaction. Consideration received in such sale-leaseback arrangements is recorded as a financial liability. Each lease payment is allocated between liability and interest expense to achieve a constant rate on the financial liability outstanding. The interest element is charged as Interest Expense over the lease period. The Company has certain office lease contracts resulting in a right-of-use asset and a lease liability and the Company has applied an incremental borrowing rate as the discount rate to calculate the respective asset and liability. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (ROU) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.&lt;/div&gt;&lt;/div&gt;</us-gaap:LesseeLeasesPolicyTextBlock>
  <!--Liabilities and Equity-->
  <us-gaap:LiabilitiesAndStockholdersEquity id="Fact_499ea1d6e5644a31bbe4579b5f69b3b9" contextRef="c20181231" unitRef="U002" decimals="-3">1071111000</us-gaap:LiabilitiesAndStockholdersEquity>
  <!--Liabilities and Equity-->
  <us-gaap:LiabilitiesAndStockholdersEquity id="Fact_f36e381a95ba422cbba0832710b3f77c" contextRef="c20191231" unitRef="U002" decimals="-3">1030903000</us-gaap:LiabilitiesAndStockholdersEquity>
  <!--Liabilities and Equity-Calculated under Revenue Guidance in Effect before Topic 606 [Member]-->
  <us-gaap:LiabilitiesAndStockholdersEquity id="Fact_36c64183359943e5b215b213174cea5f" contextRef="c20181231_InitialApplicationPeriodCumulativeEffectTransitionAxis_CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member" unitRef="U002" decimals="-3">1078102000</us-gaap:LiabilitiesAndStockholdersEquity>
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  <!--Total Current Liabilities-->
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  <!--Total Current Liabilities-Calculated under Revenue Guidance in Effect before Topic 606 [Member]-->
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  <us-gaap:LineOfCredit id="Fact_226df7cdf7634f319d7999d31cd17a16" contextRef="c20181231_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U002" decimals="-5">127100000</us-gaap:LineOfCredit>
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  <us-gaap:LineOfCredit id="Fact_48f258448216486084b7e1cd47305ad5" contextRef="c20181231_CreditFacilityAxis_RevolvingCreditFacilityMember" unitRef="U002" decimals="-5">313400000</us-gaap:LineOfCredit>
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  <!--Long-term Debt [Text Block]-->
  <us-gaap:LongTermDebtTextBlock id="Fact_8f4a47cf99f84c2a818785353df95387" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 27pt; vertical-align: top; font-weight: bold;"&gt;10.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-weight: bold;"&gt;LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify; font-weight: bold;"&gt;Credit Facility and 2019 Senior Secured Credit Facility:&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0);"&gt;In 2012, the Company entered into a $430 million revolving credit facility, which in 2015 was increased to $500 million, with a syndicate of lenders in order to refinance its existing credit facility, fund future vessel acquisitions and for general corporate purposes (the "Credit Facility").&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;The Company had $313.4 million borrowed as of December 31, 2018 under this credit facility.&lt;font style="color: rgb(0, 0, 0);"&gt; In connection with the expansion of the Credit Facility in 2015, the Company incurred $4.6 million in deferred financing costs, which was amortized over the term of the loan and presented net of the outstanding loan balance. The remaining balance as of December 31, 2018 was $1.7 million, which has been expensed as Interest Expenses in 2019, upon the repayment on February 12, 2019, of the then remaining balance of $313.4 million of the Credit Facility.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;On February 12, 2019 the Company entered into a new five-year senior secured credit facility for $306.1 million (the &amp;#8220;2019 Senior Secured Credit Facility&amp;#8221;) that refinanced the outstanding balance on the Credit Facility as of that date. Borrowings under the 2019 Senior Secured Credit Facility are secured by first priority mortgages over the vessels (excluding the three vessels delivered in 2018, see description below) and assignments of earnings and insurance. The loan is amortizing with a twenty-year maturity profile, carries a floating LIBOR interest rate plus a margin and matures in February 2024. Further, the agreement contains a discretionary excess cash mechanism for the lender that equals 50% of the net earnings from the collateral vessels, less capex provision and fixed loan amortization. The Company has incurred $13.0 million (including a non-cash portion of $6.1 million) in financing costs, which is amortized over the term of the loan and the outstanding loan balance was presented net of the costs. The agreement contains covenants that require a minimum liquidity of $30.0 million and a loan-to-vessel value ratio of maximum 70%. We are free to distribute dividends as long as we comply with the described covenants.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;As of December 31, 2019, the Company had $291.8 million drawn under its 2019 Senior Secured Credit Facility, where $18.7 million has been presented as Current Portion of Long-Term Debt. This includes $3.4 million related to the excess cash flow mechanism payment related to earnings generated in the fourth quarter of 2019 and payable in the first quarter of 2020. The Company has incurred $13.0 million in financing cost, which is amortized over the term of the loan and presented net of the outstanding loan balance. The estimated fair value for the long-term debt is considered to be approximately equal to the carrying value since it carries a variable interest rate. As of December 31, 2019 and as of the date of the issuance of this report, the Company is in compliance with the terms of the 2019 Senior Secured Credit Facility.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;The 2019 Senior Secured Credit Facility is amortizing with a twenty-year maturity profile and the Company has repaid $14.3 million of the facility in the twelve months ended December 31, 2019. Subsequent to December 31, 2019, a further repayment of $7.3 million has been done and the outstanding balance as of the date of this report is $284.5 million.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-style: italic; font-weight: bold;"&gt;Financing of 2018 Newbuildings&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;The three 2018 Newbuildings were delivered in July, August and October 2018, respectively. Under the terms of the financing agreement, the lender has provided financing of 77.5% of the purchase price for each of the three 2018 Newbuildings and paid the remaining payment obligations to Samsung shipyard that were due upon delivery of the vessels. Net proceeds of $12.5 million received from Ocean Yield ASA were used to pay down the drawn amount on the Credit Facility. Upon delivery of each of the vessels, the Company entered into ten-year bareboat charter agreements. The Company has obligations to purchase each vessel for $13.6 million upon the completion of the ten-year bareboat charter agreements, and also has the option to purchase the vessels after sixty and eighty-four months. The financing agreements for the three vessels have a total effective interest rate ranging from 6.50% to 6.72% including a floating LIBOR element that is subject to annual adjustment. The financing agreement contains certain financial covenants requiring us to on a consolidated basis to maintain a minimum value adjusted equity of $175.0 million and ratio of 25%, minimum liquidity of $20.0 million; and a minimum vessel value to outstanding lease clause.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;The outstanding amount under this financing arrangement was $119.9 million and $127.1 million as of December 31, 2019 and 2018, respectively, where $7.6 and $7.3 million has been presented as Current Portion of Long-Term Debt, respectively. The Company has incurred $2.3 million in financing cost, which is amortized over the term of the financing arrangement and presented net of the outstanding loan balance.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;As of December 31, 2019 the aggregate annual principal payments required to be made under the Company&amp;#8217;s debt facilities are as follows:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 30%;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;Debt payments in $'000s&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;quot; font-weight: bold;"&gt;2020&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;2021&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;2022&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2023&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2024&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;quot; font-weight: bold;"&gt;More&lt;/div&gt;&lt;div style="text-align: center; font-family: &amp;amp;quot; font-weight: bold;"&gt;than 5&lt;br /&gt; &amp;#160;years&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 30%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Senior Secured Credit Facility (1)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;291,798&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;18,749&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;15,305&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;15,305&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;15,305&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;227,134&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 30%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Financing of 2018 Newbuildings (2)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;119,867&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;7,630&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;7,960&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;8,327&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;8,711&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;9,138&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;78,101&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 30%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;411,665&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;26,379&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;23,265&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;23,632&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;24,016&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;236,272&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;78,101&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 27pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;(1)&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div&gt;Refers to obligation to repay indebtness outstanding as of December 31, 2019 under the 2019 Senior Secured Credit Facility&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 27pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;(2)&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div&gt;Refers to obligation to repay indebtness outstanding as of December 31, 2019 for financing of the 2018 Newbuildings&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-style: italic; font-weight: bold;"&gt;Liquidity Outlook&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The Company performs on a regular basis cash flow projections to evaluate whether it will be in a position to cover the liquidity needs for the next 12-month period and the compliance with financial and security ratios under the existing and future financing agreements. In developing estimates of future cash flows, the Company makes assumptions about the vessels&amp;#8217; future performance, market rates, operating expenses, capital expenditure, fleet utilization, general and administrative expenses, loan repayments and interest charges. The assumptions applied are based on historical experience and future expectations.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;On March 29, 2019, the Company entered into an equity distribution agreement with B. Riley FBR, Inc., acting as a sales agent, under which we may, from time to time, offer and sell shares of our common stock through an At-the-Market Offering (&amp;#8220;ATM&amp;#8221;) program having an aggregate offering price of up to $40,000,000. As of December 31, 2019, the Company has raised gross and net proceeds (after deducting sales commissions and other fees and expenses) under the ATM of $18.6 million and $17.9 million, respectively, by issuing and selling 5,260,968 common shares. As of the date of this annual report, no further sales have been completed under the ATM program.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The Company believes that the current cash and cash equivalents and cash expected to be generated from operations, together with the measures described above, are sufficient to meet the working capital needs and other liquidity requirements for the next 12 months from the date of this report.&lt;/div&gt;&lt;/div&gt;</us-gaap:LongTermDebtTextBlock>
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  <!--Nature of Operations [Text Block]-->
  <us-gaap:NatureOfOperations id="Fact_896b58e9931b4ad9a7c0952b671b777b" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 25.5pt; vertical-align: top; font-weight: bold;"&gt;1.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="font-weight: bold;"&gt;NATURE OF BUSINESS&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;Nordic American Tankers Limited (&amp;#8220;NAT&amp;#8221;) was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company&amp;#8217;s shares trade under the symbol &amp;#8220;NAT&amp;#8221; on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering out double-hull tankers.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The Company is an international tanker company that currently has a fleet of 23 Suezmax tankers. The Company has not disposed of or acquired new vessels in 2019. The 23 vessels the Company operated per December 31, 2019, average approximately 156,000 dwt each. In 2019, 2018 and 2017, the Company chartered out its operating vessels primarily in the spot market.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify; font-weight: bold;"&gt;The Company&amp;#8217;s Fleet&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The Company&amp;#8217;s current fleet consists of 23 Suezmax crude oil tankers of which the vast majority have been built in Korea.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top;"&gt;&lt;div style="font-weight: bold;"&gt;&lt;u&gt;Vessel&lt;/u&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-weight: bold;"&gt;&lt;u&gt;Built in&lt;/u&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-weight: bold;"&gt;&lt;u&gt;Deadweight&lt;/u&gt;&lt;/div&gt;&lt;div style="text-align: center; font-weight: bold;"&gt;&lt;u&gt; Tons&lt;/u&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-weight: bold;"&gt;&lt;u&gt;Delivered to NAT in&lt;/u&gt;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Freedom&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;159,331&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Moon&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;160,305&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Apollo&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2003&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;159,998&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Cosmos&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2003&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;159,999&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Grace&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;149,921&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2009&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Mistral&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;164,236&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2009&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Passat&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;164,274&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Vega&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;163,940&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Breeze&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;158,597&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Zenith&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;158,645&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Sprinter&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;159,089&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2014&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Skier&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;159,089&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2014&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Light&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;158,475&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Cross&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;158,475&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Luna&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2004&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;150,037&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Castor&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2004&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;150,249&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Sirius&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;150,183&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Pollux&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2003&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;150,103&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Star&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;159,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Space&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;159,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Tellus&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;157,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Aquarius&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;157,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Cygnus&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;157,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:NatureOfOperations>
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  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock id="Fact_fc7417a7dd1e4d32948a0337f20c1fb2" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-weight: bold;"&gt;Recent Accounting Pronouncements&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;In June 2016, the FASB issued ASU 2016-13, Financial Instruments &amp;#8211; Credit losses (ASC 326), which amends the guidance on the impairment of financial instruments. The standard adds an impairment model known as the current expected credit loss ("CECL") model that is based on expected losses rather than incurred losses. Under the new guidance, an entity is required to recognize as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. Unlike the incurred loss models under existing standards, the CECL model does not specify a threshold for the recognition of an impairment allowance. Rather, an entity will recognize its estimate of expected credit losses for financial assets as of the end of the reporting period. Credit impairment will be recognized as an allowance or contra-asset rather than as a direct write-down of the amortized cost basis of a financial asset. However, the carrying amount of a financial asset that is deemed uncollectible will be written off in a manner consistent with existing standards. The standard will be effective for the first reporting period within annual periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect any material impact on our financial assets from implementation of this new guidance.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Recently Adopted Accounting Standards&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;Effective January 1, 2019, the Company adopted ASC 842 Leases applying the modified retrospective method. We recognized an initial $1.9 million lease liability and a corresponding right-of-use lease asset to comply with the new lease standard. No cumulative effects have been recorded to the Company&amp;#8217;s accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those prior periods (effective date method). The Company has applied the practical expedient for time-charter out contracts that include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer, to not separate non-lease components, or service element, from the associated lease component and instead to account for those components as a single component if the non-lease component otherwise would be accounted for under the new revenue guidance (ASC 606); and both of the following are met: (1) the timing and patterns of transfer of the non-lease component and associated lease are the same; and (2) the lease component, if accounted for separately, would be classified as&amp;#160; an operating lease.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;The right-of-use asset, presented in Other-Non Current Assets, and lease liability is related to leased office space and the reduction in the carrying amount of the right-of-use asset during the twelve months ended December 31, 2019 has been $0.5 million. Certain of the Company&amp;#8217;s lease contracts for office space include optional periods that are not included in the right-of-use asset and lease liability. The discount rate applied to the calculations is an incremental borrowing rate. The lease liability is presented in Other Current Liabilities and Operating Lease Liabilities and the lease cost is recognized in General and Administrative Expenses.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;ASC 842 allows lessees to elect as an accounting policy not to apply the provisions of ASC 842 to short term leases (i.e., leases with an original term of 12-months or less), which the Company has applied. Instead, a lessee may recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;Effective January 1, 2018, the Company adopted &lt;font style="font-style: italic;"&gt;Revenue from Contracts with Customers (ASC 606). &lt;/font&gt;The financial year ended December 31, 2019 is comparative with the financial year ended December 31, 2018, as the new revenue standard is applied consistently for both financial years. The financial year ended December 31, 2017 is presented under the previous revenue recognition standard. On December 31, 2017 we had 19 vessels affected by the change in the revenue recognition standard that resulted in an adjustment to increase our opening balance of accumulated deficit as of January 1, 2018 of $4.1 million. As of December 31, 2018, we had 15 vessels that were impacted by the new revenue recognition policy with an equivalent net increase of $6.3 million on accumulated deficit.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td colspan="12" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;Effect on the Consolidated Balance sheets as of December 31, 2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;In thousands of USD&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;As reported&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Adjustments&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Amounts before ASC606&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;adoption&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;ASSETS&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Current Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;112,945&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;6,991&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;119,936&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-style: italic; margin-left: 9pt;"&gt;Voyages in Progress&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;15,075&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;8,111&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;23,186&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-style: italic; margin-left: 9pt;"&gt;Prepaid Expenses&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;3,830&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;(1,120&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;2,710&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Non-Current Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;958,166&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;958,166&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;TOTAL ASSETS&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,071,111&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;6,991&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,078,102&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;EQUITY AND LIABILITIES&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Shareholders&amp;#8217; Equity&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;602,031&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;6,265&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;608,296&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total&amp;#160;&amp;#160; Current Liabilities&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;36,290&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;726&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;37,016&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-style: italic; margin-left: 9pt;"&gt;Accrued Voyage Expenses&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;5,063&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;726&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;5,789&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Non-Current Liabilities&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;432,790&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;432,790&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;TOTAL LIABILITIES AND SHAREHOLDERS&amp;#8217; EQUITY&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,071,111&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;6,991&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,078,102&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td colspan="12" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Effect on the Consolidated Statements of Operations as of December 31, 2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;amp; font-style: italic;"&gt;In thousands of USD&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;As reported&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Adjustments&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Amounts before ASC606&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;adoption&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Voyage Revenues&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;289,016&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2,819&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;291,835&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Voyage Expenses&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(165,012&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(627&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(165,639&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Net Operating Loss&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(38,616&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;2,193&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(36,423&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Net Loss *&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(95,306&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;2,193&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(93,113&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Total Comprehensive Loss&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(95,438&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;2,193&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(93,245&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td colspan="12" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Effect on the Consolidated Statement of Cash Flows as of December 31, 2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;amp; font-style: italic;"&gt;In thousands of USD&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;As reported&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Adjustments&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Amounts before ASC606&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;adoption&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Net Loss&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(95,306&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2,193&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(93,113&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Voyages in Progress&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(5,059&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(2,819&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(7,879&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Prepaid Expenses and Other Current Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1,837&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;503&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2,340&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Accounts Payable and Accrued Liabilities&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(7,112&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;124&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(6,988&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;) &lt;br /&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Net Cash (Used In)/Provided by Operating Activities&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(16,103&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(16,103&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;No other new accounting policies have been adopted since December 31, 2018.&lt;/div&gt;&lt;/div&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
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  <us-gaap:ProceedsFromIssuanceOfCommonStock id="Fact_8e735d791d2d409eb0269545e6bdadbe" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">17922000</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <!--Proceeds from Issuance of Common Stock-Subsequent Event [Member]-->
  <us-gaap:ProceedsFromIssuanceOfCommonStock id="Fact_fc6186c1700b4c6db888768863146045" contextRef="c20200403to20200403_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-5">21400000</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <!--Sale of Vessels-->
  <us-gaap:ProceedsFromSaleOfOilAndGasPropertyAndEquipment id="Fact_6581f6ea4eb84dfdbc4d4ea22f990b4e" contextRef="c20170101to20171231" unitRef="U002" decimals="-3">0</us-gaap:ProceedsFromSaleOfOilAndGasPropertyAndEquipment>
  <!--Sale of Vessels-->
  <us-gaap:ProceedsFromSaleOfOilAndGasPropertyAndEquipment id="Fact_72ff4260f3ed4b7291c9371fab1aad8f" contextRef="c20180101to20181231" unitRef="U002" decimals="-3">89624000</us-gaap:ProceedsFromSaleOfOilAndGasPropertyAndEquipment>
  <!--Sale of Vessels-->
  <us-gaap:ProceedsFromSaleOfOilAndGasPropertyAndEquipment id="Fact_a67cb032350d4cf9b1235a5186a0d017" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">0</us-gaap:ProceedsFromSaleOfOilAndGasPropertyAndEquipment>
  <!--Estimate useful life of vessel-->
  <us-gaap:PropertyPlantAndEquipmentUsefulLife id="Fact_caad6a0aa4c44c5f91782bf4726dfa62" contextRef="c20190101to20191231">P25Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
  <!--Salvage value of the vessel-->
  <us-gaap:PropertyPlantAndEquipmentSalvageValue id="Fact_3b045aee72ff44508005fddefc8c4bb0" contextRef="c20191231" unitRef="U002" decimals="-5">8000000</us-gaap:PropertyPlantAndEquipmentSalvageValue>
  <!--Salvage value of the vessel-->
  <!--Additions-Drydocking [Member]-->
  <us-gaap:PropertyPlantAndEquipmentAdditions id="Fact_5013fb88850648fa845658be6556f229" contextRef="c20180101to20181231_PropertyPlantAndEquipmentByTypeAxis_DrydockingMember" unitRef="U002" decimals="-3">8210000</us-gaap:PropertyPlantAndEquipmentAdditions>
  <!--Additions-Drydocking [Member]-->
  <us-gaap:PropertyPlantAndEquipmentAdditions id="Fact_a1eef34319ff46e88345d4d7e08be5d2" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_DrydockingMember" unitRef="U002" decimals="-3">7618000</us-gaap:PropertyPlantAndEquipmentAdditions>
  <!--Additions-Vessels [Member]-->
  <us-gaap:PropertyPlantAndEquipmentAdditions id="Fact_cad7f8cc10844b508b432d4136260907" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3">2531000</us-gaap:PropertyPlantAndEquipmentAdditions>
  <!--Additions-Vessels [Member]-->
  <us-gaap:PropertyPlantAndEquipmentAdditions id="Fact_cfc92ee6600a4a29b906e1ac0f7649e2" contextRef="c20180101to20181231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3">169446000</us-gaap:PropertyPlantAndEquipmentAdditions>
  <!--Property, Plant and Equipment Disclosure [Text Block]-->
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock id="Fact_51af29708dc947eaa69fc478abbca096" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 26.85pt; vertical-align: top; font-weight: bold;"&gt;4.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-weight: bold;"&gt;VESSELS&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;Vessels consists of the carrying value of 23 vessels for the year ended December 31, 2019 and December 31, 2018, respectively. Vessels includes capitalized drydocking costs.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;Depreciation is calculated based on cost less estimated residual value of $8.0 million per vessel over the estimated useful life of the vessel using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp; font-style: italic;"&gt;All figures in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;amp; font-weight: bold;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;amp; font-weight: bold;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Vessels as of January 1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1,307,087&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1,769,967&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="margin-left: 9pt;"&gt;Additions Vessels&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2,531&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;169,446&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="margin-left: 9pt;"&gt;Disposals Vessels&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(632,326&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Drydocking as of January 1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;52,331&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;119,303&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="margin-left: 9pt;"&gt;Additions Drydocking&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;7,618&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;8,210&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="margin-left: 9pt;"&gt;Disposals Drydocking&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(75,182&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Total Vessels and Drydocking&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;1,369,567&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;1,359,418&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Less Accumulated Depreciation&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(469,570&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(405,660&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;font style="font-size: 8pt;"&gt;*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Less Accumulated Impairment Loss on Vessels&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;&lt;font style="font-size: 8pt;"&gt;**&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Vessels&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;899,997&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;953,758&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;*Depreciation charges of $497.0 million related to vessels disposed of in 2018 is excluded&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;** Impairment charges of $2.2 million and $110.5 million related to vessels disposed of in 2018 is excluded&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The Company has taken three vessels through periodical maintenance surveys in 2019 and further two vessels were in drydock for periodical maintenance as at December 31, 2019.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify; font-weight: bold;"&gt;Impairment Loss on Vessels&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The Company has not recorded any impairment loss on vessels for the year ended December 31, 2019. The Company recorded an impairment loss of $2.2 million and $110.5 million for the years ended December 31, 2018 and December 31, 2017, respectively.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The Company reviewed its assets for impairment on an asset by asset basis. In determining whether the assets are recoverable, the Company compared the estimate of the undiscounted cash flows expected to be generated by the assets to its carrying value. As of December 31, 2019, it was determined that the sum of the undiscounted cash flows for each vessel exceeded its carrying value and no impairment was recorded.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;In developing estimates of future undiscounted cash flows, we made assumptions and estimates based on historical trends as well as future expectations. The most important assumption in determining undiscounted cash flows are the estimated freight rates. Freight rates are volatile and the analysis is based on market rates obtained from third parties, in combination with historical achieved rates by the Company.&lt;/div&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
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  <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock id="Fact_dfe6c81b1038468695e58f5b6ca8b901" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Vessels:&lt;/font&gt; Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing costs incurred during the construction period of the vessels are capitalized and included in vessels&amp;#8217; cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is expensed over the estimated useful life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. Repairs and maintenance are expensed as incurred.&lt;/div&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
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  <us-gaap:RevenueFromContractWithCustomerTextBlock id="Fact_228f3b686c2446948d80e10c5adb044f" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 25.5pt; vertical-align: top; font-weight: bold;"&gt;3.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="font-weight: bold;"&gt;VOYAGE REVENUES&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;Our voyage revenues consist of time charter revenues and spot charter revenues with the following split:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 44%;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;All amounts in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;Spot charter revenues&lt;/font&gt;*&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;283,007&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;259,978&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;257,495&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Time charter revenues&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;34,213&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;29,038&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;39,646&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Voyage Revenues&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;317,220&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;289,016&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;297,141&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size: 8pt;"&gt;*Spot charter revenues for 2019 and 2018 are presented in accordance we ASC 606 Revenue from Contracts with Customers. The comparative information for 2017 has not been restated.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;The future minimum revenues as at December 31, 2019 related to time charter revenues are as follows:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 48%;"&gt;&lt;div style="font-family: &amp;amp;amp; font-style: italic;"&gt;All amounts in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Amount&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2020&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;27,932&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2021&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;7,317&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2022&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Future minimum revenues&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;35,249&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;Our voyage contracts have a duration of one year or less and we applied the exemption related to excluding the disclosure of remaining performance obligations.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;As of December 31, 2019 and December 31, 2018, the Company has capitalized fulfilment cost of $1.0 million and $1.1 million, respectively.&lt;/div&gt;&lt;/div&gt;</us-gaap:RevenueFromContractWithCustomerTextBlock>
  <!--Voyage Revenues-->
  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax id="Fact_07d2600e842d483098a6881c67db94fc" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">317220000</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
  <!--Voyage Revenues-->
  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax id="Fact_7f3cc178583040bb950daeb7b2a7b147" contextRef="c20180101to20181231" unitRef="U002" decimals="-3">289016000</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
  <!--Voyage Revenues-->
  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax id="Fact_dadbc2fc4e034bb3a9dbc77a7dbee3c5" contextRef="c20170101to20171231" unitRef="U002" decimals="-3">297141000</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
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  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax id="Fact_42c69fc4f0c343e4878538aeeb291ff0" contextRef="c20180101to20181231_InitialApplicationPeriodCumulativeEffectTransitionAxis_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member" unitRef="U002" decimals="-3">2819000</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
  <!--Voyage Revenues-Time Charter [Member]-->
  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax id="Fact_8c83317917504e7eb422c5da23664c51" contextRef="c20170101to20171231_ProductOrServiceAxis_TimeCharterMember" unitRef="U002" decimals="-3">39646000</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
  <!--Voyage Revenues-Spot Charter [Member]-->
  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax id="Fact_b2b763a6403f4686ac4b9b060e85f7be" contextRef="c20180101to20181231_ProductOrServiceAxis_SpotCharterMember" unitRef="U002" decimals="-3">259978000</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
  <!--Voyage Revenues-Spot Charter [Member]-->
  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax id="Fact_ccb9924243574e83a62c28bbcf098f1b" contextRef="c20190101to20191231_ProductOrServiceAxis_SpotCharterMember" unitRef="U002" decimals="-3">283007000</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
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  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax id="Fact_e2a2a635acf14cd1a8fd9048d04aefae" contextRef="c20170101to20171231_ProductOrServiceAxis_SpotCharterMember" unitRef="U002" decimals="-3">257495000</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
  <!--Voyage Revenues-Time Charter [Member]-->
  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax id="Fact_f53a90f249de4006b87670155bd545cd" contextRef="c20190101to20191231_ProductOrServiceAxis_TimeCharterMember" unitRef="U002" decimals="-3">34213000</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
  <!--Voyage Revenues-Time Charter [Member]-->
  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax id="Fact_fb4d553bda2746b89bc0a044a22eca36" contextRef="c20180101to20181231_ProductOrServiceAxis_TimeCharterMember" unitRef="U002" decimals="-3">29038000</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
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  <!--Share-based Payment Award Stock Options Valuation Assumptions-->
  <us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock id="Fact_0f87d2a38707437694430296dc34fc07" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;The Company has used the Black-Scholes option pricing model to measure the grant date fair value of the options with the following assumptions applied to the model;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 70%; color: #000000; font-size: 10pt; text-align: left;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); width: 46%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div&gt;Options with two&lt;/div&gt;&lt;div&gt;year vesting&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div&gt;Options with&lt;/div&gt;&lt;div&gt;three year vesting&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 46%; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Volatility&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;57.5&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;%&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;52.5&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;%&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 46%; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Dividend yield&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;10.0&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;%&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;10.0&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;%&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 46%; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Risk-free interest rate&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1.64&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;%&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1.65&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;%&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 46%; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Weighted-average grant date fair value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;0.59&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;0.58&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock>
  <!--Aggregate Annual Principal Payments of Debt-->
  <us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock id="Fact_aae894d378264749bd0c732ffd30181f" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;As of December 31, 2019 the aggregate annual principal payments required to be made under the Company&amp;#8217;s debt facilities are as follows:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 30%;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;Debt payments in $'000s&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;quot; font-weight: bold;"&gt;2020&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;2021&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;2022&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2023&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2024&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;quot; font-weight: bold;"&gt;More&lt;/div&gt;&lt;div style="text-align: center; font-family: &amp;amp;quot; font-weight: bold;"&gt;than 5&lt;br /&gt; &amp;#160;years&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 30%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Senior Secured Credit Facility (1)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;291,798&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;18,749&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;15,305&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;15,305&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;15,305&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;227,134&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 30%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Financing of 2018 Newbuildings (2)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;119,867&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;7,630&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;7,960&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;8,327&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;8,711&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;9,138&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;78,101&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 30%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;411,665&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;26,379&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;23,265&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;23,632&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;24,016&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;236,272&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;78,101&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 27pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;(1)&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div&gt;Refers to obligation to repay indebtness outstanding as of December 31, 2019 under the 2019 Senior Secured Credit Facility&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 27pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;(2)&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div&gt;Refers to obligation to repay indebtness outstanding as of December 31, 2019 for financing of the 2018 Newbuildings&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
  <!--Authorized, Issued and Outstanding Common Shares Roll-forward-->
  <us-gaap:ScheduleOfStockholdersEquityTableTextBlock id="Fact_146cc7f0acdd48748a9a3ca4f73026cf" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;Authorized, issued and outstanding common shares roll-forward is as follows:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 54%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="color: rgb(0, 0, 0); font-weight: bold;"&gt;Authorized&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-weight: bold;"&gt;Shares&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Issued and&lt;/div&gt;&lt;div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Out-&lt;/div&gt;&lt;div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;standing&lt;/div&gt;&lt;div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Shares&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="color: rgb(0, 0, 0); font-weight: bold;"&gt;Common&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-weight: bold;"&gt;Stock&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Balance as of January 1, 2017&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;101,969,666&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;1,020&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;Common Shares Issued in Follow-on Offering&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;40,000,000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;400&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Balance as of December 31, 2017&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;141,969,666&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;1,420&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;Authorization of additional authorized shares&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Balance as of December 31, 2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;360,000,000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;141,969,666&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;1,420&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;At-the-Market Offering&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;5,260,968&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;52&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Balance as of December 31, 2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;360,000,000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;147,230,634&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;1,472&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ScheduleOfStockholdersEquityTableTextBlock>
  <!--Accrued Liabilities-->
  <us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock id="Fact_67fb33e7777540cebdc2f5ebf7f3fc08" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 66%;"&gt;&lt;div style="text-align: justify; font-family: &amp;amp;quot; font-style: italic;"&gt;All figures in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Accrued Interest&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;163&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;1,598&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Accrued Expenses&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;11,569&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;7,362&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Settlement Deferred Compensation Liabilities&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;3,830&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;Total as of December 31,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;15,562&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;8,960&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
  <!--Basic and Diluted Earnings Per Share-->
  <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock id="Fact_846605e949804e0da108542b86117f49" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;Basic earnings per share (&amp;#8220;EPS&amp;#8221;) are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;All figures in USD except number of shares and earnings (loss) per common share&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;&lt;font style="font-style: italic;"&gt;Numerator&lt;/font&gt;:&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="margin-left: 9pt;"&gt;Net Loss&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(10,352&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(95,306&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(204,969&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;Denominator:&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="margin-left: 9pt;"&gt;Basic - Weighted Average Common Shares Outstanding&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;142,571,361&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;141,969,666&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;103,832,680&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="margin-left: 9pt;"&gt;Dilutive &amp;#8211; Weighted Average Common Shares Outstanding&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;142,571,361&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;141,969,666&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;103,832,680&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;Loss per Common Share:&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="margin-left: 9pt;"&gt;Basic&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(0.07&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(0.67&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(1.97&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="margin-left: 9pt;"&gt;Diluted&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(0.07&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(0.67&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;(1.97&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
  <!--Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]-->
  <us-gaap:ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock id="Fact_80a8162447c346d09ae2477f807a3675" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td colspan="12" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;Effect on the Consolidated Balance sheets as of December 31, 2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;In thousands of USD&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;As reported&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Adjustments&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Amounts before ASC606&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;adoption&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;ASSETS&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Current Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;112,945&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;6,991&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;119,936&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-style: italic; margin-left: 9pt;"&gt;Voyages in Progress&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;15,075&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;8,111&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;23,186&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-style: italic; margin-left: 9pt;"&gt;Prepaid Expenses&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;3,830&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;(1,120&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;2,710&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Non-Current Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;958,166&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;958,166&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;TOTAL ASSETS&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,071,111&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;6,991&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,078,102&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;EQUITY AND LIABILITIES&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Shareholders&amp;#8217; Equity&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;602,031&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;6,265&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;608,296&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total&amp;#160;&amp;#160; Current Liabilities&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;36,290&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;726&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;37,016&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-style: italic; margin-left: 9pt;"&gt;Accrued Voyage Expenses&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;5,063&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;726&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;5,789&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Non-Current Liabilities&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;432,790&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;432,790&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;TOTAL LIABILITIES AND SHAREHOLDERS&amp;#8217; EQUITY&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,071,111&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;6,991&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,078,102&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td colspan="12" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Effect on the Consolidated Statements of Operations as of December 31, 2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;amp; font-style: italic;"&gt;In thousands of USD&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;As reported&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Adjustments&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Amounts before ASC606&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;adoption&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Voyage Revenues&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;289,016&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2,819&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;291,835&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Voyage Expenses&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(165,012&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(627&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(165,639&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Net Operating Loss&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(38,616&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;2,193&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(36,423&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Net Loss *&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(95,306&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;2,193&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(93,113&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Total Comprehensive Loss&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(95,438&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;2,193&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(93,245&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td colspan="12" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Effect on the Consolidated Statement of Cash Flows as of December 31, 2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;amp; font-style: italic;"&gt;In thousands of USD&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;As reported&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Adjustments&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Amounts before ASC606&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;adoption&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Net Loss&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(95,306&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2,193&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(93,113&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Voyages in Progress&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(5,059&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(2,819&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(7,879&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Prepaid Expenses and Other Current Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1,837&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;503&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2,340&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Accounts Payable and Accrued Liabilities&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(7,112&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;124&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(6,988&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;) &lt;br /&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Net Cash (Used In)/Provided by Operating Activities&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(16,103&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(16,103&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock>
  <!--Schedule of Other Assets, Noncurrent [Table Text Block]-->
  <us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock id="Fact_916b885b53d64be19df3645710acacc8" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;All figures in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Fixture, Furniture and Equipment&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;65&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;128&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Right of Use Asset*&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;1,412&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Other&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;57&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;83&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;Total as of December 31,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,534&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;211&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;div style="text-align: justify;"&gt;* relates to certain office lease contracts. Optional periods are not included in the calculation.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock>
  <!--Schedule of Subsequent Events [Table Text Block]-->
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  <us-gaap:SignificantAccountingPoliciesTextBlock id="Fact_f9fda0255fd34506972e2dc13c58932a" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 25.5pt; vertical-align: top; font-weight: bold;"&gt;2.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="font-weight: bold;"&gt;SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Basis of Accounting: &lt;/font&gt;These consolidated financial statements (&amp;#8220;financial statements&amp;#8221;) have been prepared in accordance with accounting principles generally accepted in the United States of America (&amp;#8220;U.S. GAAP&amp;#8221;).&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Reclassifications: &lt;/font&gt;The Company has reclassified certain amounts relating to its presentation of cash flows for 2017 to conform to its current period presentation. These reclassifications have not changed the results of operations of prior periods.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Principles of Consolidation: &lt;/font&gt;Entities in which NAT has controlling financial interest are consolidated. Subsidiaries are consolidated from the date on which control is obtained. The subsidiaries&amp;#8217; accounting policies are in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated in the consolidation.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Use of Estimates:&lt;/font&gt; Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Foreign Currency Translation: &lt;/font&gt;The functional currency of NAT is the United States (&amp;#8220;U.S.&amp;#8221;) dollar as substantially all revenues are nominated in U.S. dollars and the majority of the expenditures are incurred and paid in U.S. dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction&lt;font style="font-weight: bold;"&gt;.&lt;/font&gt; The Company&amp;#8217;s subsidiaries of NAT Chartering Ltd, NAT Chartering AS, and the European branch of Scandic American Shipping Ltd, have Norwegian kroner as their functional currency. All assets and liabilities of those entities are translated into U.S. dollars as of each balance sheet date. Translation gains and losses are reflected in shareholders&amp;#8217; equity as part of accumulated other comprehensive loss.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Revenue and Expense Recognition: &lt;/font&gt;Revenues and expenses are recognized on the accruals basis. Revenues are generated from spot and time charters.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-style: italic;"&gt;Spot Charters:&lt;/font&gt;&lt;font style="font-style: italic;"&gt;&amp;#160;&lt;/font&gt;For vessels operating on spot charters, voyage revenues are recognized ratably over the estimated length of each voyage, on a load-to-discharge basis and, therefore, are allocated between reporting periods based on the relative transit time in each period. Voyage expenses are capitalized between the discharge port of the immediately previous cargo, or contract date if later, and the load port of the cargo to be chartered if they qualify as fulfillment costs. Incremental cost to obtain a contract is capitalized and amortized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs as incurred. Expected losses that are deemed probable on voyages are provided for in full at the time such losses can be estimated. A voyage is deemed to commence upon loading of cargo and is deemed to end upon the completion of discharge of the same cargo. The Company does not capitalize fulfilment cost or recognize revenue if a charter has not been contractually committed to by a customer.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;As the Company&amp;#8217;s performance obligations are services which are received and consumed by our customers as we perform such services, revenues are recognized over time proportionate to the days elapsed since the service commencement compared to the total days anticipated to complete the service. Freight is generally billed to the customers after the cargo has been discharged and the performance obligation fulfilled by the Company. The Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the load and discharge ports. Demurrage earned during a spot charter represents a variable consideration. The Company recognizes such revenues in the voyage estimates only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Voyage estimates are reviewed and updated over the duration of the spot charter contract. When the Company&amp;#8217;s tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;In 2017, before the adoption of Topic 606 on January 1, 2018, the Company recognized voyage revenues ratably over the estimated length of each voyage, on a discharge-to-discharge basis.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-style: italic;"&gt;Time Charters: &lt;/font&gt;Under a time charter, the charterer pays for the voyage expenses, such as port, canal and fuel costs, while the Company pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and costs relating to a vessel&amp;#8217;s intermediate and special surveys. Revenues from time charter contracts where the Company is a lessor are accounted for as fixed rate operating leases under ASC 842 Leases and are recognized daily over the term of the charter. Time charter agreements with profit-sharing are recognized when the contingency related to it is resolved. &lt;font style="color: rgb(0, 0, 0);"&gt;The Company has applied the practical expedient to not separate nonlease components from the associated lease component and instead to account for those components as a single component if the nonlease component otherwise would be accounted for under the new revenue guidance (ASC 606); and both of the following are met: (1) the timing and patterns of transfer of the nonlease component and associated lease are the same; and (2) the lease component, if accounted for separately, would be classified as&amp;#160; an operating lease. The pattern of revenue recognition has not changed as a result of implementation of ASC 842 Leases.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Vessel Operating Expenses&lt;/font&gt;&lt;font style="font-weight: bold; color: rgb(0, 0, 0);"&gt;:&lt;/font&gt; Vessel operating expenses include crewing, repair and maintenance, insurance, stores, lubricants, management fee, communication expenses and tonnage tax. These expenses are recognized when incurred.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Cash, Cash Equivalents and Restricted Cash:&lt;/font&gt; Cash and cash equivalents consist of highly liquid investments such as time deposits with original maturities when acquired of three months or less. Amounts included in restricted cash represent those required to be set aside by a contractual agreement with a banking institution for the payment of future estimated drydocking expenditure related to the vessels used as collateral.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;font style="font-weight: bold;"&gt;Accounts Receivable, Net:&lt;/font&gt;&lt;font style="font-weight: bold; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;Accounts receivable and other receivables are presented net of allowance for doubtful balances. The Company regularly reviews its accounts receivables and estimates the amount of uncollectible receivables each period and provides for an allowance for uncollectable amounts. The assessment of the allowance is based on the age of the unpaid receivables, financial status of the customer and other relevant information.&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Inventories: &lt;/font&gt;Inventories are comprised of bunker fuel and lubrication oil. Cost is determined on a first-in, first-out (&amp;#8220;FIFO&amp;#8221;) basis.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Vessels:&lt;/font&gt; Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing costs incurred during the construction period of the vessels are capitalized and included in vessels&amp;#8217; cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is expensed over the estimated useful life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. Repairs and maintenance are expensed as incurred.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;font style="font-weight: bold;"&gt;Impairment of Vessels: &lt;/font&gt;The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on a vessel by vessel basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and fair value (based on broker estimates). In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels&amp;#8217; future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel, net of brokerage commissions, expected outflows for vessels&amp;#8217; maintenance and vessel operating expenses (including planned drydocking expenditures). The Company estimates the daily time charter equivalent for the remaining operating days, utilizing available market data for spot market rates for the initial two-year period and the most recent fifteen-year historical average for similar vessels for the remaining estimated life of the vessel. Useful economic life is assumed to be 25 years from the delivery of the vessel from the shipyard. The salvage value used in the impairment test is estimated to be $8.0 million per vessel. If the Company&amp;#8217;s estimate of undiscounted future cash flows for any vessel is lower than the vessel&amp;#8217;s carrying value, the carrying value is written down, by recording an impairment charge.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;font style="font-weight: bold;"&gt;Drydocking:&lt;/font&gt; The Company&amp;#8217;s vessels are required to be drydocked approximately every 30 to 60 months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;font style="font-weight: bold;"&gt;Leases:&lt;/font&gt; The Company bareboat charters certain vessels under leasing agreements. Sale-leaseback arrangements where the transaction is not considered a sale under ASC 606 are accounted for as a financing transaction. Consideration received in such sale-leaseback arrangements is recorded as a financial liability. Each lease payment is allocated between liability and interest expense to achieve a constant rate on the financial liability outstanding. The interest element is charged as Interest Expense over the lease period. The Company has certain office lease contracts resulting in a right-of-use asset and a lease liability and the Company has applied an incremental borrowing rate as the discount rate to calculate the respective asset and liability. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (ROU) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Investments in Equity Method Investees:&lt;/font&gt; Investments in other entities where the Company has &amp;#8220;significant influence&amp;#8221; in accordance with U.S. GAAP are accounted for using the equity method of accounting. Under the equity method of accounting, the investment is stated at initial cost and is adjusted for subsequent additional investments and the Company&amp;#8217;s proportionate share of earnings or losses and distributions. The Company evaluates its investment in equity method investees for impairment when events or circumstances indicate that the carrying value of the investment may have experienced an other than temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Statements of Operations.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Investment Securities:&lt;/font&gt; Equity securities are recorded at fair value with changes in fair value recognized in net income.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;&lt;font style="font-weight: bold;"&gt;Goodwill:&lt;/font&gt;&lt;font style="font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;Goodwill represents the excess of costs over the fair value of the assets of businesses NAT has acquired. Goodwill is not amortized, but instead tested for impairment at the reporting unit level on an annual basis as of December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is tested for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of the reporting unit, unless there is a readily determinable fair market value.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Deferred Compensation Liability: &lt;/font&gt;The Company had two individual deferred compensation agreement with the Company&amp;#8217;s CEO and a former CFO &amp;amp; EVP. The former CFO &amp;amp; EVP had an individual deferred compensation agreement, denominated in Norwegian kroner, where further benefits did not accrue upon leaving the Company as of Dec 31, 2017. The liabilities have been accounted for on an accrual basis using actuarial calculations. Any currency translation adjustments as well as actuarial gains and losses have been recognized in general and administrative expenses as incurred. Both agreements have been terminated in 2019 and we refer to note 7 for further information.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Segment Information: &lt;/font&gt;The Company has identified only one operating segment. The Company has only one type of vessel &amp;#8211; Suezmax crude oil tankers. The Company does not provide a geographical analysis because the Company&amp;#8217;s business is global in nature and the location of its vessels continually changes.&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Fair Value of Financial Instruments:&lt;/font&gt; The fair values of cash, cash equivalents and restricted cash, accounts receivable, accounts payable and accrued liabilities approximate carrying value because of the short-term nature of these instruments.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;font style="font-weight: bold;"&gt;Deferred Financing Costs:&lt;/font&gt;&lt;font style="font-weight: bold; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;Financing costs, including fees, commissions and legal expenses are deferred and amortized over the term of the arrangement, which approximates the effective interest method. Incurred fees related to loans not yet drawn are presented as Other non-current Assets. The deferred financing costs are accounted as a direct deduction from the associated debt liability.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-weight: bold;"&gt;Share Based Compensation:&lt;/div&gt;&lt;div style="text-align: justify; font-style: italic;"&gt;Restricted shares&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The fair value of restricted shares to employees is estimated based on the market price of the Company&amp;#8217;s shares. The fair value of restricted shares granted to employees is measured at grant date and the Company records the compensation expense for such awards over the requisite service period.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-style: italic;"&gt;Stock options&lt;/div&gt;&lt;div&gt;The Company grants stock options as incentive-based compensation to certain employees. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost over the requisite service period.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Income Taxes: &lt;/font&gt;The Company is incorporated in Bermuda. Under current Bermuda law, the Company is not subject to corporate income taxes. The statutory applicable rate to consolidated corporate earnings is 0%.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;Two of the Company&amp;#8217;s wholly-owned subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 22%, 23%, and 24% for the years ended December 31, 2019, 2018 and 2017, respectively, of their taxable profit.&lt;font style="font-weight: bold; color: rgb(255, 0, 0);"&gt;&amp;#160;&lt;/font&gt;&lt;font style="color: rgb(0, 0, 0);"&gt;The income tax expensed for year ended December 31, 2019, 2018 and 2017 was $71,000, $79,000, and $83,000, respectively. Deferred tax assets related to these entities are inconsequential. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;font style="font-weight: bold;"&gt;Concentration of Credit Risk:&lt;/font&gt;&lt;font style="font-weight: bold; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company&amp;#8217;s cash is primarily held in major banks and financial institutions and typically insured up to a set amount. Accordingly, the Company believes the risk of any potential loss on deposits held in these institutions is remote. Concentrations of credit risk relative to accounts receivable are limited to our client base in the oil and energy industry that may be affected by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable. The fair value of the financial instruments approximates the net book value.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;For the year ended December 31, 2019, one customer accounted for 13.5% of the spot charter revenues. For the year ended December 31, 2018, one customer accounted for 10.5% of the spot charter revenues. For the year ended December 31, 2017, one customer accounted for 12% of the spot charter revenues.&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;Accounts receivable, Net, as of December 31, 2019, and 2018 were $24.6 and $22.1 million, respectively. As of December 31, 2019, three charterers accounted for 48% of the outstanding accounts receivable, with 19%, 15% and 14%. As of December 31, 2018, three charterers accounted for 49% of the outstanding accounts receivable, with 24%, 13%, and 12%.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-weight: bold;"&gt;Recent Accounting Pronouncements&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;In June 2016, the FASB issued ASU 2016-13, Financial Instruments &amp;#8211; Credit losses (ASC 326), which amends the guidance on the impairment of financial instruments. The standard adds an impairment model known as the current expected credit loss ("CECL") model that is based on expected losses rather than incurred losses. Under the new guidance, an entity is required to recognize as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. Unlike the incurred loss models under existing standards, the CECL model does not specify a threshold for the recognition of an impairment allowance. Rather, an entity will recognize its estimate of expected credit losses for financial assets as of the end of the reporting period. Credit impairment will be recognized as an allowance or contra-asset rather than as a direct write-down of the amortized cost basis of a financial asset. However, the carrying amount of a financial asset that is deemed uncollectible will be written off in a manner consistent with existing standards. The standard will be effective for the first reporting period within annual periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect any material impact on our financial assets from implementation of this new guidance.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Recently Adopted Accounting Standards&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;Effective January 1, 2019, the Company adopted ASC 842 Leases applying the modified retrospective method. We recognized an initial $1.9 million lease liability and a corresponding right-of-use lease asset to comply with the new lease standard. No cumulative effects have been recorded to the Company&amp;#8217;s accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those prior periods (effective date method). The Company has applied the practical expedient for time-charter out contracts that include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer, to not separate non-lease components, or service element, from the associated lease component and instead to account for those components as a single component if the non-lease component otherwise would be accounted for under the new revenue guidance (ASC 606); and both of the following are met: (1) the timing and patterns of transfer of the non-lease component and associated lease are the same; and (2) the lease component, if accounted for separately, would be classified as&amp;#160; an operating lease.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;The right-of-use asset, presented in Other-Non Current Assets, and lease liability is related to leased office space and the reduction in the carrying amount of the right-of-use asset during the twelve months ended December 31, 2019 has been $0.5 million. Certain of the Company&amp;#8217;s lease contracts for office space include optional periods that are not included in the right-of-use asset and lease liability. The discount rate applied to the calculations is an incremental borrowing rate. The lease liability is presented in Other Current Liabilities and Operating Lease Liabilities and the lease cost is recognized in General and Administrative Expenses.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;ASC 842 allows lessees to elect as an accounting policy not to apply the provisions of ASC 842 to short term leases (i.e., leases with an original term of 12-months or less), which the Company has applied. Instead, a lessee may recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;Effective January 1, 2018, the Company adopted &lt;font style="font-style: italic;"&gt;Revenue from Contracts with Customers (ASC 606). &lt;/font&gt;The financial year ended December 31, 2019 is comparative with the financial year ended December 31, 2018, as the new revenue standard is applied consistently for both financial years. The financial year ended December 31, 2017 is presented under the previous revenue recognition standard. On December 31, 2017 we had 19 vessels affected by the change in the revenue recognition standard that resulted in an adjustment to increase our opening balance of accumulated deficit as of January 1, 2018 of $4.1 million. As of December 31, 2018, we had 15 vessels that were impacted by the new revenue recognition policy with an equivalent net increase of $6.3 million on accumulated deficit.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td colspan="12" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;Effect on the Consolidated Balance sheets as of December 31, 2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;In thousands of USD&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;As reported&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Adjustments&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Amounts before ASC606&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;adoption&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;ASSETS&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Current Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;112,945&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;6,991&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;119,936&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-style: italic; margin-left: 9pt;"&gt;Voyages in Progress&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;15,075&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;8,111&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;23,186&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-style: italic; margin-left: 9pt;"&gt;Prepaid Expenses&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;3,830&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;(1,120&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;2,710&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Non-Current Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;958,166&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;958,166&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;TOTAL ASSETS&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,071,111&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;6,991&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,078,102&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;EQUITY AND LIABILITIES&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Shareholders&amp;#8217; Equity&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;602,031&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;6,265&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;608,296&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total&amp;#160;&amp;#160; Current Liabilities&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;36,290&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;726&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;37,016&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-style: italic; margin-left: 9pt;"&gt;Accrued Voyage Expenses&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;5,063&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;726&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;5,789&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Total Non-Current Liabilities&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;432,790&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;432,790&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;TOTAL LIABILITIES AND SHAREHOLDERS&amp;#8217; EQUITY&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,071,111&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;6,991&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,078,102&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td colspan="12" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Effect on the Consolidated Statements of Operations as of December 31, 2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;amp; font-style: italic;"&gt;In thousands of USD&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;As reported&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Adjustments&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"&gt;&lt;div style="font-weight: bold;"&gt;Amounts before ASC606&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;adoption&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Voyage Revenues&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;289,016&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2,819&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;291,835&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Voyage Expenses&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(165,012&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(627&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(165,639&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Net Operating Loss&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(38,616&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;2,193&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(36,423&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Net Loss *&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(95,306&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;2,193&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(93,113&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Total Comprehensive Loss&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(95,438&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;2,193&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;(93,245&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td colspan="12" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Effect on the Consolidated Statement of Cash Flows as of December 31, 2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top;"&gt;&lt;div style="font-family: &amp;amp;amp; font-style: italic;"&gt;In thousands of USD&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; 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  <us-gaap:StockholdersEquityNoteDisclosureTextBlock id="Fact_046a6f02643f429885eacf23452e64f8" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 25.5pt; vertical-align: top; font-weight: bold;"&gt;14.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="font-weight: bold;"&gt;SHAREHOLDERS&amp;#8217; EQUITY&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;Authorized, issued and outstanding common shares roll-forward is as follows:&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 54%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="color: rgb(0, 0, 0); font-weight: bold;"&gt;Authorized&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-weight: bold;"&gt;Shares&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Issued and&lt;/div&gt;&lt;div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Out-&lt;/div&gt;&lt;div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;standing&lt;/div&gt;&lt;div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Shares&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div style="color: rgb(0, 0, 0); font-weight: bold;"&gt;Common&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-weight: bold;"&gt;Stock&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Balance as of January 1, 2017&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;101,969,666&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;1,020&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;Common Shares Issued in Follow-on Offering&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;40,000,000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;400&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Balance as of December 31, 2017&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;141,969,666&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;1,420&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;Authorization of additional authorized shares&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;180,000,000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Balance as of December 31, 2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;360,000,000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;141,969,666&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;1,420&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;At-the-Market Offering&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;5,260,968&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot;"&gt;52&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;Balance as of December 31, 2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;360,000,000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;147,230,634&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="color: rgb(0, 0, 0); font-family: &amp;amp;quot; font-weight: bold;"&gt;1,472&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;In December 2017, the Company completed an underwritten public offering of 40,000,000 common shares which increased its equity by $103.7 million.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;In December 2018, the Annual General Meeting of the Company approved to increase the Company&amp;#8217;s authorized share capital from $1.8 million to $3.6 million.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;During 2019, the Company has issued 5,260,968 shares through the ATM program and raised net proceeds of $17.9 million.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Additional Paid-in Capital&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;Included in Additional Paid-in Capital is the Company&amp;#8217;s Share Premium Fund as defined by Bermuda law. The Share Premium Fund cannot be distributed without complying with certain legal procedures designed to protect the creditors of the Company, including public notice to its creditors and a subsequent period for creditor notice of concern, regarding the Company&amp;#8217;s intention, following shareholder approval, to transfer such funds to the Company&amp;#8217;s Contributed Surplus Account and thereby make such funds available for distribution.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;On November 20, 2019, at the Company&amp;#8217;s Annual General Meeting, the shareholders voted to reduce the Share Premium Fund by the amount of about $103.4 million. The reduction in share premium did not result in a distribution to shareholders but rather, the surplus resulting from such reduction was credited to the Company's contributed surplus account. The legal procedures related to this reduction were finalized in December 2019 upon which the amount became eligible for distribution.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;The Share Premium Fund was $17.9 million and $103.4 million as of December 31, 2019 and 2018, respectively. Credits and Charges to Additional Paid in Capital were a result of the accounting for the Company&amp;#8217;s share based compensation programs and issuance of shares.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Contributed Surplus Account&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The Company&amp;#8217;s Contributed Surplus Account as defined by Bermuda law, consists of amounts previously recorded as share premium, transferred to Contributed Surplus Account when resolutions are adopted by the Company&amp;#8217;s shareholders to make Share Premium Fund distributable or available for other purposes. As indicated by the laws governing the Company, the Contributed Surplus Account can be used for dividend distribution and to cover accumulated losses from its operations.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;The Company&amp;#8217;s Board of Directors has in 2019 determined to transfer $308.8 million from the Contributed Surplus Account to cover Accumulated Deficits incurred as of December 31, 2018. We refer to the information above related to the reduction of $103.3 million of the Share Premium Fund that was credited to the Company&amp;#8217;s Contributed Surplus Account.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;For the year ended December 31, 2019 and December 31, 2018, the Company paid a dividend of $14.3 million and $9.9 million, respectively, which was charged to the Contributed Surplus Account. The Company&amp;#8217;s Contributed Surplus account was $567.2 million and $796.8 million per December 31, 2019 and 2018, respectively.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;Shareholders&amp;#8217; Rights Plan&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;On June 16, 2017, the Board of Directors adopted a new shareholders&amp;#8217; rights agreement and declared a dividend of one preferred share purchase right to purchase one one-thousandth of a Series A Participating Preferred Share of the Company for each outstanding common share, par value $0.01 per share. The dividend was payable on June 26, 2017 to shareholders of record on that date. Each right entitles the registered holder to purchase from us one one-thousandth of a Series A Participating Preferred Share of the Company at an exercise price of $30.00, subject to adjustment. The Company can redeem the rights at any time prior to a public announcement that a person or group has acquired ownership of 15% or more of the Company&amp;#8217;s common shares. As at December 31, 2019, no shares were issued pursuant to the plan.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;This shareholders&amp;#8217; rights plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with, or a takeover of, the Company. Our shareholders&amp;#8217; rights plan is not intended to deter offers that the Board determines are in the best interests of our shareholders.&lt;/div&gt;&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
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  <us-gaap:StockholdersEquity id="Fact_bb536ee7e1984610865bb7f323b2d057" contextRef="c20171231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">-209425000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Additional Paid-in Capital [Member]-->
  <us-gaap:StockholdersEquity id="Fact_c0b32800d4bc452190fa41c5e7da3e4f" contextRef="c20191231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">38499000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-ASC 606 [Member]-->
  <us-gaap:StockholdersEquity id="Fact_cde490fd2f82421d916722a5495f0217" contextRef="c20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201409Member" unitRef="U002" decimals="-3">706992000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Contributed Surplus [Member]-->
  <us-gaap:StockholdersEquity id="Fact_da23246f12fc43d1aebf29fa16c7ead9" contextRef="c20181231_StatementEquityComponentsAxis_ContributedSurplusMember" unitRef="U002" decimals="-3">786881000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Contributed Surplus [Member]-->
  <us-gaap:StockholdersEquity id="Fact_f84c5f52bb5144169551f05427acda62" contextRef="c20191231_StatementEquityComponentsAxis_ContributedSurplusMember" unitRef="U002" decimals="-3">567202000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-ASC 606 [Member]-Retained Earnings/(Accumulated Deficit) [Member]-->
  <us-gaap:StockholdersEquity id="Fact_f8b76fab32e44cbc9371d7b8258ad788" contextRef="c20171231_AdjustmentsForNewAccountingPronouncementsAxis_AccountingStandardsUpdate201409Member_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">-213497000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Calculated under Revenue Guidance in Effect before Topic 606 [Member]-->
  <us-gaap:StockholdersEquity id="Fact_aca32519d8ae4239a0fc9ebbfde63122" contextRef="c20181231_InitialApplicationPeriodCumulativeEffectTransitionAxis_CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member" unitRef="U002" decimals="-3">608296000</us-gaap:StockholdersEquity>
  <!--Stockholders' Equity Attributable to Parent-Difference between Revenue Guidance in Effect before and after Topic 606 [Member]-->
  <us-gaap:StockholdersEquity id="Fact_e6b7bb03bc874b119dbe706f2d24df51" contextRef="c20181231_InitialApplicationPeriodCumulativeEffectTransitionAxis_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member" unitRef="U002" decimals="-3">6265000</us-gaap:StockholdersEquity>
  <!--Accounts Receivable [Policy Text Block]-->
  <us-gaap:TradeAndOtherAccountsReceivablePolicy id="Fact_80515e87dcd24a749667753873363f08" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;&lt;font style="font-weight: bold;"&gt;Accounts Receivable, Net:&lt;/font&gt;&lt;font style="font-weight: bold; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;Accounts receivable and other receivables are presented net of allowance for doubtful balances. The Company regularly reviews its accounts receivables and estimates the amount of uncollectible receivables each period and provides for an allowance for uncollectable amounts. The assessment of the allowance is based on the age of the unpaid receivables, financial status of the customer and other relevant information.&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:TradeAndOtherAccountsReceivablePolicy>
  <!--Treasury shares (in shares)-Equity Incentive Plan 2011 [Member]-->
  <us-gaap:TreasuryStockShares id="Fact_3a94a97661cc4de8a3878436e672c522" contextRef="c20191231_PlanNameAxis_EquityIncentivePlan2011Member" unitRef="U001" decimals="INF">42000</us-gaap:TreasuryStockShares>
  <!--Treasury shares (in shares)-Equity Incentive Plan 2011 [Member]-->
  <us-gaap:TreasuryStockShares id="Fact_f0fefa03327542459f43ecd991e33b7a" contextRef="c20181231_PlanNameAxis_EquityIncentivePlan2011Member" unitRef="U001" decimals="INF">22000</us-gaap:TreasuryStockShares>
  <!--Voyages in Progress-->
  <us-gaap:UnbilledReceivablesCurrent id="Fact_74b9b4dd88ec464e9a5045994f3cb376" contextRef="c20181231" unitRef="U002" decimals="-3">15075000</us-gaap:UnbilledReceivablesCurrent>
  <!--Voyages in Progress-->
  <us-gaap:UnbilledReceivablesCurrent id="Fact_c8e64bac638e43f688e5a314ca56ea92" contextRef="c20191231" unitRef="U002" decimals="-3">13124000</us-gaap:UnbilledReceivablesCurrent>
  <!--Voyages in Progress-Calculated under Revenue Guidance in Effect before Topic 606 [Member]-->
  <us-gaap:UnbilledReceivablesCurrent id="Fact_2c9585983c1949b4b499c8c70468ac9d" contextRef="c20181231_InitialApplicationPeriodCumulativeEffectTransitionAxis_CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member" unitRef="U002" decimals="-3">23186000</us-gaap:UnbilledReceivablesCurrent>
  <!--Voyages in Progress-Difference between Revenue Guidance in Effect before and after Topic 606 [Member]-->
  <us-gaap:UnbilledReceivablesCurrent id="Fact_b213e18a0d414a73b8141285ecac201a" contextRef="c20181231_InitialApplicationPeriodCumulativeEffectTransitionAxis_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member" unitRef="U002" decimals="-3">8111000</us-gaap:UnbilledReceivablesCurrent>
  <!--Use of Estimates-->
  <us-gaap:UseOfEstimates id="Fact_c52ef80494f8408e857e3c23adde37d2" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Use of Estimates:&lt;/font&gt; Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.&lt;/div&gt;&lt;/div&gt;</us-gaap:UseOfEstimates>
  <!--Weighted Average Number of Shares Outstanding, Basic and Diluted-->
  <us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted id="Fact_581fe011cf294a4397f8f79c33f998d8" contextRef="c20170101to20171231" unitRef="U001" decimals="0">103832680</us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
  <!--Weighted Average Number of Shares Outstanding, Basic and Diluted-->
  <us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted id="Fact_be297324c09b4abfb5e04cdd6c9f0734" contextRef="c20180101to20181231" unitRef="U001" decimals="0">141969666</us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
  <!--Weighted Average Number of Shares Outstanding, Basic and Diluted-->
  <us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted id="Fact_e209078d50bc4b7982c1fdb6707b1fd7" contextRef="c20190101to20191231" unitRef="U001" decimals="0">142571361</us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
  <!--Basic - Weighted Average Common Shares Outstanding (in shares)-->
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic id="Fact_9f6b3c3508414654ab9c1c26ececb264" contextRef="c20190101to20191231" unitRef="U001" decimals="0">142571361</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <!--Basic - Weighted Average Common Shares Outstanding (in shares)-->
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic id="Fact_b30e22c85daf48c9adced6f03fce71f6" contextRef="c20180101to20181231" unitRef="U001" decimals="0">141969666</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <!--Basic - Weighted Average Common Shares Outstanding (in shares)-->
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic id="Fact_ed4b3f3d3db1468bb2c73a81c860583b" contextRef="c20170101to20171231" unitRef="U001" decimals="0">103832680</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <!--Weighted Average Number of Shares Outstanding, Diluted-->
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding id="Fact_2d74497951bf494598ffe08563b40412" contextRef="c20170101to20171231" unitRef="U001" decimals="0">103832680</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <!--Weighted Average Number of Shares Outstanding, Diluted-->
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding id="Fact_c4893788d65144869cec49afa7a8fc6f" contextRef="c20190101to20191231" unitRef="U001" decimals="0">142571361</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <!--Weighted Average Number of Shares Outstanding, Diluted-->
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding id="Fact_d66814f234cb496882d7c9835c65edd6" contextRef="c20180101to20181231" unitRef="U001" decimals="0">141969666</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <!--At-the-Market Offering,Gross Amount After Deducting Sales Commissions and Other Fees and Expenses-->
  <nat:AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses id="Fact_8052bc997d3749f18fbbc4bbd1e4e0f3" contextRef="c20190101to20191231" unitRef="U002" decimals="-5">18600000</nat:AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses>
  <!--At-the-Market Offering, Net Amount After Deducting Sales Commissions and Other Fees and Expenses-->
  <nat:AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses id="Fact_6e0af8d4b98a4300a47f5482fb763810" contextRef="c20190101to20191231" unitRef="U002" decimals="-5">17900000</nat:AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses>
  <!--At-the-market Offering of Common Stock-Maximum [Member]-->
  <nat:AtTheMarketOfferingOfCommonStock id="Fact_ec36cca5f56a4c6e832bf87896e73d2b" contextRef="c20190329to20190329_RangeAxis_MaximumMember" unitRef="U002" decimals="-6">40000000</nat:AtTheMarketOfferingOfCommonStock>
  <!--At-the-market Offering, Stock Issued During Period, New Shares Issued, Sold-->
  <nat:AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold id="Fact_ff84928fe5da4435ae22e15e817d63ad" contextRef="c20190101to20191231" unitRef="U001" decimals="INF">5260968</nat:AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold>
  <!--Term of bareboat charter agreement-Newbuild Financing [Member]-->
  <nat:TermOfBareboatCharterAgreement id="Fact_800bc7cd999f427795d9b6333c07ee04" contextRef="c20190101to20191231_CreditFacilityAxis_NewbuildFinancingMember">P10Y</nat:TermOfBareboatCharterAgreement>
  <!--Amount of Excess Cash Flow Payment Related to Earnings-Secured Debt [Member]-->
  <nat:AmountOfExcessCashFlowPaymentRelatedToEarnings id="Fact_f518d931296d44a48f4d80662dd50896" contextRef="c20191001to20191231_CreditFacilityAxis_SecuredDebtMember" unitRef="U002" decimals="-5">3400000</nat:AmountOfExcessCashFlowPaymentRelatedToEarnings>
  <!--Minimum value adjusted equity ratio-Newbuild Financing [Member]-->
  <nat:MinimumValueAdjustedEquityRatio id="Fact_e4622d76acdf4c7e8f337f8c01c58cfd" contextRef="c20171201_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U005" decimals="INF">0.25</nat:MinimumValueAdjustedEquityRatio>
  <!--Discretionary Excess Cash Mechanism for the Lender that Equals to Net Earnings from Collateral Vessels-Secured Debt [Member]-->
  <nat:DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels id="Fact_5134d469a1d64a6385630473710ea0b7" contextRef="c20190212to20190212_CreditFacilityAxis_SecuredDebtMember" unitRef="U005" decimals="1">0.5</nat:DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels>
  <!--Debt Covenants Percentage in Loan-to-vessel Ratio-Secured Debt [Member]-->
  <nat:DebtCovenantsPercentageInLoanToVesselRatio id="Fact_13cabcdeb1f647b3a7f46f07064bedff" contextRef="c20190212to20190212_CreditFacilityAxis_SecuredDebtMember" unitRef="U005" decimals="1">0.7</nat:DebtCovenantsPercentageInLoanToVesselRatio>
  <!--Number of new buildings-Newbuild Financing [Member]-->
  <nat:NumberOfNewBuildings id="Fact_2fd06e5ea18345889f463ddedb039283" contextRef="c20180801to20180831_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U012" decimals="INF">3</nat:NumberOfNewBuildings>
  <!--Number of new buildings-Newbuild Financing [Member]-->
  <nat:NumberOfNewBuildings id="Fact_3955fc5084bd46ed9b1f19d57d768bdf" contextRef="c20180701to20180731_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U012" decimals="INF">3</nat:NumberOfNewBuildings>
  <!--Number of new buildings-Newbuild Financing [Member]-->
  <nat:NumberOfNewBuildings id="Fact_a28c5fe9ddbe41e2a52d8b9db7291dc4" contextRef="c20181001to20181031_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U012" decimals="INF">3</nat:NumberOfNewBuildings>
  <!--Deferred Finance Costs, Non-cash Portion-Secured Debt [Member]-->
  <nat:DeferredFinanceCostsNonCashPortion id="Fact_551b59fad0794aa5bba5e8c96bd6659a" contextRef="c20190212_CreditFacilityAxis_SecuredDebtMember" unitRef="U002" decimals="-5">6100000</nat:DeferredFinanceCostsNonCashPortion>
  <!--Debt Instrument, Minimum Liquidity Value-Newbuild Financing [Member]-->
  <nat:DebtInstrumentMinimumLiquidityValue id="Fact_27ed60972d8d41069379f511b27686f6" contextRef="c20171201_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U002" decimals="-5">20000000</nat:DebtInstrumentMinimumLiquidityValue>
  <!--First Flexibility Period to Purchase Vessels-Newbuild Financing [Member]-->
  <nat:FirstFlexibilityPeriodToPurchaseVessels id="Fact_db6066abc2fc4ef2bd35bc26dd5899d6" contextRef="c20190101to20191231_CreditFacilityAxis_NewbuildFinancingMember">P60M</nat:FirstFlexibilityPeriodToPurchaseVessels>
  <!--Number of vessels delivered-Newbuild Financing [Member]-->
  <nat:NumberOfVesselsDelivered id="Fact_1587080c9cef442d8b8a6fc061d37564" contextRef="c20190101to20191231_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U004" decimals="INF">3</nat:NumberOfVesselsDelivered>
  <!--Number of vessels delivered-Secured Debt [Member]-->
  <nat:NumberOfVesselsDelivered id="Fact_d8abf2ccf3ee4ed5a5d1763bcbee66d2" contextRef="c20190212to20190212_CreditFacilityAxis_SecuredDebtMember" unitRef="U004" decimals="INF">3</nat:NumberOfVesselsDelivered>
  <!--Proceeds from Vessel Financing-Newbuild Financing [Member]-->
  <nat:ProceedsFromVesselFinancing id="Fact_3487f7eb7fbf4ff097060e1d9ca14154" contextRef="c20171201to20171201_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U002" decimals="-5">12500000</nat:ProceedsFromVesselFinancing>
  <!--Obligation to Purchase Vessels-Newbuild Financing [Member]-->
  <nat:ObligationToPurchaseVessels id="Fact_10aa7197e08a432b96304380475ca41d" contextRef="c20171201to20171201_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U002" decimals="-5">13600000</nat:ObligationToPurchaseVessels>
  <!--Debt Covenants, Minimum Value in Unrestricted Cash-Secured Debt [Member]-->
  <nat:DebtCovenantsMinimumValueInUnrestrictedCash id="Fact_5c121293e35f49a99e4c9d74404e9bf6" contextRef="c20190212to20190212_CreditFacilityAxis_SecuredDebtMember" unitRef="U002" decimals="-6">30000000</nat:DebtCovenantsMinimumValueInUnrestrictedCash>
  <!--Percentage of purchase price expected to pay by lending provider-Newbuild Financing [Member]-->
  <nat:PercentageOfPurchasePriceExpectedToPayByLendingProvider id="Fact_e1d8e45931de41658949f4a5d443ca5f" contextRef="c20171201to20171201_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U005" decimals="INF">0.775</nat:PercentageOfPurchasePriceExpectedToPayByLendingProvider>
  <!--Second Flexibility Period to Purchase Vessels-Newbuild Financing [Member]-->
  <nat:SecondFlexibilityPeriodToPurchaseVessels id="Fact_8d2194a21d944a54a20ec602de5d7fa7" contextRef="c20190101to20191231_CreditFacilityAxis_NewbuildFinancingMember">P84M</nat:SecondFlexibilityPeriodToPurchaseVessels>
  <!--Loan Amortizing, Maturity Period-Secured Debt [Member]-->
  <nat:LoanAmortizingMaturityPeriod id="Fact_b8ab13090701431f9dccf970df39d9e7" contextRef="c20190101to20191231_CreditFacilityAxis_SecuredDebtMember">P20Y</nat:LoanAmortizingMaturityPeriod>
  <!--Debt Instrument Minimum Value Adjusted Equity-Newbuild Financing [Member]-->
  <nat:DebtInstrumentMinimumValueAdjustedEquity id="Fact_7fd917c1d1034e2884715554883320dd" contextRef="c20171201_CreditFacilityAxis_NewbuildFinancingMember" unitRef="U002" decimals="-5">175000000</nat:DebtInstrumentMinimumValueAdjustedEquity>
  <!--Vessel Operating Expenses [Policy Text Block]-->
  <nat:VesselOperatingExpensesPolicyTextBlock id="Fact_1861fa0f222741038183ed4b424384c8" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Vessel Operating Expenses&lt;/font&gt;&lt;font style="font-weight: bold; color: rgb(0, 0, 0);"&gt;:&lt;/font&gt; Vessel operating expenses include crewing, repair and maintenance, insurance, stores, lubricants, management fee, communication expenses and tonnage tax. These expenses are recognized when incurred.&lt;/div&gt;&lt;/div&gt;</nat:VesselOperatingExpensesPolicyTextBlock>
  <!--Revenue and Expense Recognition [Policy Text Block]-->
  <nat:RevenueAndExpenseRecognitionPolicyTextBlock id="Fact_9991d4eb7709483dad52b5904a59f423" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold;"&gt;Revenue and Expense Recognition: &lt;/font&gt;Revenues and expenses are recognized on the accruals basis. Revenues are generated from spot and time charters.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-style: italic;"&gt;Spot Charters:&lt;/font&gt;&lt;font style="font-style: italic;"&gt;&amp;#160;&lt;/font&gt;For vessels operating on spot charters, voyage revenues are recognized ratably over the estimated length of each voyage, on a load-to-discharge basis and, therefore, are allocated between reporting periods based on the relative transit time in each period. Voyage expenses are capitalized between the discharge port of the immediately previous cargo, or contract date if later, and the load port of the cargo to be chartered if they qualify as fulfillment costs. Incremental cost to obtain a contract is capitalized and amortized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs as incurred. Expected losses that are deemed probable on voyages are provided for in full at the time such losses can be estimated. A voyage is deemed to commence upon loading of cargo and is deemed to end upon the completion of discharge of the same cargo. The Company does not capitalize fulfilment cost or recognize revenue if a charter has not been contractually committed to by a customer.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;As the Company&amp;#8217;s performance obligations are services which are received and consumed by our customers as we perform such services, revenues are recognized over time proportionate to the days elapsed since the service commencement compared to the total days anticipated to complete the service. Freight is generally billed to the customers after the cargo has been discharged and the performance obligation fulfilled by the Company. The Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the load and discharge ports. Demurrage earned during a spot charter represents a variable consideration. The Company recognizes such revenues in the voyage estimates only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Voyage estimates are reviewed and updated over the duration of the spot charter contract. When the Company&amp;#8217;s tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;In 2017, before the adoption of Topic 606 on January 1, 2018, the Company recognized voyage revenues ratably over the estimated length of each voyage, on a discharge-to-discharge basis.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-style: italic;"&gt;Time Charters: &lt;/font&gt;Under a time charter, the charterer pays for the voyage expenses, such as port, canal and fuel costs, while the Company pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and costs relating to a vessel&amp;#8217;s intermediate and special surveys. Revenues from time charter contracts where the Company is a lessor are accounted for as fixed rate operating leases under ASC 842 Leases and are recognized daily over the term of the charter. Time charter agreements with profit-sharing are recognized when the contingency related to it is resolved. &lt;font style="color: rgb(0, 0, 0);"&gt;The Company has applied the practical expedient to not separate nonlease components from the associated lease component and instead to account for those components as a single component if the nonlease component otherwise would be accounted for under the new revenue guidance (ASC 606); and both of the following are met: (1) the timing and patterns of transfer of the nonlease component and associated lease are the same; and (2) the lease component, if accounted for separately, would be classified as&amp;#160; an operating lease. The pattern of revenue recognition has not changed as a result of implementation of ASC 842 Leases.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</nat:RevenueAndExpenseRecognitionPolicyTextBlock>
  <!--Drydocking [Policy Text Block]-->
  <nat:DrydockingPolicyTextBlock id="Fact_8df96d1f16be498b8665e6d8980981e1" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;&lt;font style="font-weight: bold;"&gt;Drydocking:&lt;/font&gt; The Company&amp;#8217;s vessels are required to be drydocked approximately every 30 to 60 months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.&lt;/div&gt;&lt;/div&gt;</nat:DrydockingPolicyTextBlock>
  <!--Amortization period-Ballast Tank [Member]-->
  <nat:AmortizationPeriod id="Fact_cce764d7863540a9be2bc5f0d3d7ff21" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_BallastTankMember">P8Y</nat:AmortizationPeriod>
  <!--Period when vessels are required to be drydocked, minimum-->
  <nat:PeriodWhenVesselsAreRequiredToBeDrydockedMinimum id="Fact_5262548aa6ba4551ace61134b3f2af3d" contextRef="c20190101to20191231">P30M</nat:PeriodWhenVesselsAreRequiredToBeDrydockedMinimum>
  <!--Number of Wholly Owned Subsidiaries-Norwegian Tax Administration [Member]-->
  <nat:NumberOfWhollyOwnedSubsidiaries id="Fact_aae0ee5350034b808a4522142adee250" contextRef="c20190101to20191231_IncomeTaxAuthorityNameAxis_NorwegianTaxAdministrationMember" unitRef="U009" decimals="INF">2</nat:NumberOfWhollyOwnedSubsidiaries>
  <!--Number of types of vessels-->
  <nat:NumberOfTypesOfVessels id="Fact_984b2233998c41ecaa590043f784814c" contextRef="c20191231" unitRef="U004" decimals="INF">1</nat:NumberOfTypesOfVessels>
  <!--Original maturities of deposits classified as cash and cash equivalents-->
  <nat:OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents id="Fact_12cc249481d143c0a48f9222a8861262" contextRef="c20190101to20191231">P3M</nat:OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents>
  <!--Period when vessels are required to be drydocked, maximum-->
  <nat:PeriodWhenVesselsAreRequiredToBeDrydockedMaximum id="Fact_4797a3243a0e4cfcb144ad329d401bfc" contextRef="c20190101to20191231">P60M</nat:PeriodWhenVesselsAreRequiredToBeDrydockedMaximum>
  <!--Accrued voyage expenses, current-->
  <nat:AccruedVoyageExpensesCurrent id="Fact_8d98ad0f6aaa44d9b53c47fdab448b0d" contextRef="c20191231" unitRef="U002" decimals="-3">11524000</nat:AccruedVoyageExpensesCurrent>
  <!--Accrued voyage expenses, current-->
  <nat:AccruedVoyageExpensesCurrent id="Fact_ff59f071055b42ef8e73a4a4e21e284c" contextRef="c20181231" unitRef="U002" decimals="-3">5063000</nat:AccruedVoyageExpensesCurrent>
  <!--Accrued voyage expenses, current-Calculated under Revenue Guidance in Effect before Topic 606 [Member]-->
  <nat:AccruedVoyageExpensesCurrent id="Fact_795f25cac888477db89f915fe1725c91" contextRef="c20181231_InitialApplicationPeriodCumulativeEffectTransitionAxis_CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member" unitRef="U002" decimals="-3">5789000</nat:AccruedVoyageExpensesCurrent>
  <!--Accrued voyage expenses, current-Difference between Revenue Guidance in Effect before and after Topic 606 [Member]-->
  <nat:AccruedVoyageExpensesCurrent id="Fact_f42158a90f194fa0b397b78f32a02f3d" contextRef="c20181231_InitialApplicationPeriodCumulativeEffectTransitionAxis_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member" unitRef="U002" decimals="-3">726000</nat:AccruedVoyageExpensesCurrent>
  <!--Number of Vessels Affected-->
  <nat:NumberOfVesselsAffected id="Fact_4e2294cfdc0247d784c50e3304aa9260" contextRef="c20181231" unitRef="U004" decimals="INF">15</nat:NumberOfVesselsAffected>
  <!--Number of Vessels Affected-->
  <nat:NumberOfVesselsAffected id="Fact_ea0dc4cc9cc4446e898c5770ffb9f700" contextRef="c20171231" unitRef="U004" decimals="INF">19</nat:NumberOfVesselsAffected>
  <!--Number Of Customers Accounted For Spot Charter Revenues-Revenue Benchmark [Member]-->
  <nat:NumberOfCustomersAccountedForSpotCharterRevenues id="Fact_64a7d4dd2e634cb9929b61586a25705a" contextRef="c20180101to20181231_ConcentrationRiskByBenchmarkAxis_SalesRevenueNetMember" unitRef="U010" decimals="INF">1</nat:NumberOfCustomersAccountedForSpotCharterRevenues>
  <!--Number Of Customers Accounted For Spot Charter Revenues-Revenue Benchmark [Member]-->
  <nat:NumberOfCustomersAccountedForSpotCharterRevenues id="Fact_bc021c2299c54a1091d7703c344e3946" contextRef="c20190101to20191231_ConcentrationRiskByBenchmarkAxis_SalesRevenueNetMember" unitRef="U010" decimals="INF">1</nat:NumberOfCustomersAccountedForSpotCharterRevenues>
  <!--Number Of Customers Accounted For Spot Charter Revenues-Revenue Benchmark [Member]-->
  <nat:NumberOfCustomersAccountedForSpotCharterRevenues id="Fact_eb9568c479c6469a8455e5709d35067a" contextRef="c20170101to20171231_ConcentrationRiskByBenchmarkAxis_SalesRevenueNetMember" unitRef="U010" decimals="INF">1</nat:NumberOfCustomersAccountedForSpotCharterRevenues>
  <!--Historical and Average Spot Market Rate-->
  <nat:HistoricalAndAverageSpotMarketRate id="Fact_85af7ed9482648b4ac536aaeaceacfe9" contextRef="c20190101to20191231">P15Y</nat:HistoricalAndAverageSpotMarketRate>
  <!--Number of individual deferred compensation agreements-->
  <nat:NumberOfIndividualDeferredCompensationAgreements id="Fact_f2c110fedb4140f88c2d7c3c2b3b5f31" contextRef="c20190101to20191231" unitRef="U007" decimals="INF">2</nat:NumberOfIndividualDeferredCompensationAgreements>
  <!--Market Rates For The Initial Period-->
  <nat:MarketRatesForTheInitialPeriod id="Fact_9ede88d77442415eabed904e643543a8" contextRef="c20190101to20191231">P2Y</nat:MarketRatesForTheInitialPeriod>
  <!--Number Of Charterers Accounted For Outstanding Amount-Accounts Receivable [Member]-->
  <nat:NumberOfCharterersAccountedForOutstandingAmount id="Fact_389329c5d0f84dc7ae8566aaf8e21f4b" contextRef="c20190101to20191231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember" unitRef="U011" decimals="INF">3</nat:NumberOfCharterersAccountedForOutstandingAmount>
  <!--Number Of Charterers Accounted For Outstanding Amount-Accounts Receivable [Member]-->
  <nat:NumberOfCharterersAccountedForOutstandingAmount id="Fact_52f6848f5bcf4feeb5c2eabb70bd77a4" contextRef="c20180101to20181231_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember" unitRef="U011" decimals="INF">3</nat:NumberOfCharterersAccountedForOutstandingAmount>
  <!--Term of voyage contracts-Maximum [Member]-->
  <nat:TermOfVoyageContracts id="Fact_4fc3709b6f6341c199fd236509bc53ae" contextRef="c20190101to20191231_RangeAxis_MaximumMember">P1Y</nat:TermOfVoyageContracts>
  <!--Commitment Fee-->
  <nat:CommitmentFee id="Fact_0296db5f7f18483481f35eda51bb9e96" contextRef="c20170101to20171231" unitRef="U002" decimals="-3">760000</nat:CommitmentFee>
  <!--Commitment Fee-->
  <nat:CommitmentFee id="Fact_c84fb1de47a74028a849431ac79b4973" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">0</nat:CommitmentFee>
  <!--Commitment Fee-->
  <nat:CommitmentFee id="Fact_db84997620ac4694b24b4c887d4270fe" contextRef="c20180101to20181231" unitRef="U002" decimals="-3">3325000</nat:CommitmentFee>
  <!--Interest Expenses, Net of Capitalized Interest-->
  <nat:InterestExpensesNetOfCapitalizedInterest id="Fact_4586e06876df4ca1b22b6b069a1d986a" contextRef="c20170101to20171231" unitRef="U002" decimals="-3">18286000</nat:InterestExpensesNetOfCapitalizedInterest>
  <!--Interest Expenses, Net of Capitalized Interest-->
  <nat:InterestExpensesNetOfCapitalizedInterest id="Fact_d22cbca9ded647ba810199d9a7317462" contextRef="c20180101to20181231" unitRef="U002" decimals="-3">29753000</nat:InterestExpensesNetOfCapitalizedInterest>
  <!--Interest Expenses, Net of Capitalized Interest-->
  <nat:InterestExpensesNetOfCapitalizedInterest id="Fact_d3809321f83f428a8e42de7659c5b859" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">34018000</nat:InterestExpensesNetOfCapitalizedInterest>
  <!--Senior Secured Credit Facility, Fair Value Disclosure-Level 2 [Member]-Reported Value Measurement [Member]-Recurring [Member]-->
  <nat:SeniorSecuredCreditFacilityFairValueDisclosure id="Fact_3e6bd3d0a0eb478fb9225c552b0a1bad" contextRef="c20191231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsRecurringMember" unitRef="U002" decimals="-3">291798000</nat:SeniorSecuredCreditFacilityFairValueDisclosure>
  <!--Senior Secured Credit Facility, Fair Value Disclosure-Level 2 [Member]-Reported Value Measurement [Member]-Recurring [Member]-->
  <nat:SeniorSecuredCreditFacilityFairValueDisclosure id="Fact_7ccad786e1d3417c80ced232c3dc4c82" contextRef="c20181231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsRecurringMember" unitRef="U002" decimals="-3">0</nat:SeniorSecuredCreditFacilityFairValueDisclosure>
  <!--Senior Secured Credit Facility, Fair Value Disclosure-Recurring [Member]-Estimate of Fair Value Measurement [Member]-Level 2 [Member]-->
  <nat:SeniorSecuredCreditFacilityFairValueDisclosure id="Fact_dbf88cc2c5e545e5a0ad1076a62356b4" contextRef="c20181231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsRecurringMember" unitRef="U002" decimals="-3">0</nat:SeniorSecuredCreditFacilityFairValueDisclosure>
  <!--Senior Secured Credit Facility, Fair Value Disclosure-Level 2 [Member]-Estimate of Fair Value Measurement [Member]-Recurring [Member]-->
  <nat:SeniorSecuredCreditFacilityFairValueDisclosure id="Fact_e1807ea5268b4a6fb21e2ab8bac9cdd5" contextRef="c20191231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsRecurringMember" unitRef="U002" decimals="-3">291798000</nat:SeniorSecuredCreditFacilityFairValueDisclosure>
  <!--Restricted Cash, Fair Value Disclosure-Recurring [Member]-Estimate of Fair Value Measurement [Member]-Fair Value, Inputs, Level 1 [Member]-->
  <nat:RestrictedCashFairValueDisclosure id="Fact_a45389754c9c4025858e98f3ffc5c270" contextRef="c20191231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsRecurringMember" unitRef="U002" decimals="-3">12791000</nat:RestrictedCashFairValueDisclosure>
  <!--Restricted Cash, Fair Value Disclosure-Fair Value, Inputs, Level 1 [Member]-Recurring [Member]-Reported Value Measurement [Member]-->
  <nat:RestrictedCashFairValueDisclosure id="Fact_ca9f4a474fea402aaf6e5dad7518ba9f" contextRef="c20191231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsRecurringMember" unitRef="U002" decimals="-3">12791000</nat:RestrictedCashFairValueDisclosure>
  <!--Restricted Cash, Fair Value Disclosure-Fair Value, Inputs, Level 1 [Member]-Reported Value Measurement [Member]-Recurring [Member]-->
  <nat:RestrictedCashFairValueDisclosure id="Fact_d2f90863a2ef4c718fb15a4d5917fe03" contextRef="c20181231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsRecurringMember" unitRef="U002" decimals="-3">0</nat:RestrictedCashFairValueDisclosure>
  <!--Restricted Cash, Fair Value Disclosure-Recurring [Member]-Fair Value, Inputs, Level 1 [Member]-Estimate of Fair Value Measurement [Member]-->
  <nat:RestrictedCashFairValueDisclosure id="Fact_e1d120c411694905b347e90151f44a48" contextRef="c20181231_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsRecurringMember" unitRef="U002" decimals="-3">0</nat:RestrictedCashFairValueDisclosure>
  <!--Interest Expense on Long-term Debt [Table Text Block]-->
  <nat:InterestExpenseOnLongTermDebtTableTextBlock id="Fact_e0719c3c6bae4e39beaa4a0358e50f77" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;Interest expenses consist of interest expense on the long-term debt, the commitment fee and amortization of deferred financing costs related to the Credit Facility described in Note 9.&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;All amounts in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;quot; font-weight: bold;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;quot; font-weight: bold;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;quot; font-weight: bold;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Interest Expenses, net of capitalized interest&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;34,018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;29,753&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;18,286&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Commitment Fee&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;3,325&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;760&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Amortization of Deferred Financing Costs&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;4,372&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;1,470&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;1,393&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Other financial costs&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;25&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;Total Interest Expenses&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;38,390&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;34,549&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;20,464&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nat:InterestExpenseOnLongTermDebtTableTextBlock>
  <!--Equity Method Investments, Carrying Value-->
  <nat:EquityMethodInvestmentsCarryingValue id="Fact_2e2c8e2f93304fb588dfa72a334bed24" contextRef="c20191231" unitRef="U002" decimals="-5">800000</nat:EquityMethodInvestmentsCarryingValue>
  <!--Equity Method Investments, Carrying Value-->
  <nat:EquityMethodInvestmentsCarryingValue id="Fact_cb187d64b79e47f781362bf83940616b" contextRef="c20181231" unitRef="U002" decimals="-5">4200000</nat:EquityMethodInvestmentsCarryingValue>
  <!--Vessels under operations-->
  <nat:VesselsUnderOperations id="Fact_06dbc06dcbf94867a5ef72380de3f445" contextRef="c20191231" unitRef="U004" decimals="INF">23</nat:VesselsUnderOperations>
  <!--Vessels under operations-->
  <nat:VesselsUnderOperations id="Fact_3e06a221bf0543358058317e10d73656" contextRef="c20181231" unitRef="U004" decimals="INF">23</nat:VesselsUnderOperations>
  <!--Vessels under operations-Hermitage Offshore Services Limited [Member]-Crew Boats [Member]-->
  <nat:VesselsUnderOperations id="Fact_140bef0c7d5d476d898a9432a932f271" contextRef="c20191231_BusinessAcquisitionAxis_HermitageOffshoreServicesLimitedMember_PropertyPlantAndEquipmentByTypeAxis_CrewBoatsMember" unitRef="U004" decimals="INF">11</nat:VesselsUnderOperations>
  <!--Vessels under operations-Platform Supply Vessels [Member]-Hermitage Offshore Services Limited [Member]-->
  <nat:VesselsUnderOperations id="Fact_24b2ca22a8614114a4056d6d855e3c33" contextRef="c20191231_BusinessAcquisitionAxis_HermitageOffshoreServicesLimitedMember_PropertyPlantAndEquipmentByTypeAxis_PlatformSupplyVesselsMember" unitRef="U004" decimals="INF">10</nat:VesselsUnderOperations>
  <!--Vessels under operations-Anchor Handling Vessels [Member]-Hermitage Offshore Services Limited [Member]-->
  <nat:VesselsUnderOperations id="Fact_f17c05d214754f12974aad9f0333846a" contextRef="c20191231_BusinessAcquisitionAxis_HermitageOffshoreServicesLimitedMember_PropertyPlantAndEquipmentByTypeAxis_AnchorHandlingVesselsMember" unitRef="U004" decimals="INF">2</nat:VesselsUnderOperations>
  <!--Number of Shares Held-Nordic American Offshore Limited [Member]-->
  <nat:NumberOfSharesHeld id="Fact_7c75dc3f33c845af8bb7dd95874dcb95" contextRef="c20191231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U001" decimals="INF">811538</nat:NumberOfSharesHeld>
  <!--Shares Held Percentage of Common Stock Outstanding-Nordic American Offshore Limited [Member]-->
  <nat:SharesHeldPercentageOfCommonStockOutstanding id="Fact_908eaf29d69946c1856e1d5ca1c6f95c" contextRef="c20191231_BusinessAcquisitionAxis_NordicAmericanOffshoreLimitedMember" unitRef="U005" decimals="INF">0.0316</nat:SharesHeldPercentageOfCommonStockOutstanding>
  <!--Related Party Transaction, Amount of management fee received during the period-Hermitage Offshore Services Limited [Member]-->
  <nat:RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod id="Fact_2020fdc00e2540b58bfe286919186239" contextRef="c20170101to20171231_RelatedPartyTransactionsByRelatedPartyAxis_HermitageOffshoreServicesLimitedMember" unitRef="U002" decimals="-3">100000</nat:RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod>
  <!--Related Party Transaction, Amount of management fee received during the period-Hermitage Offshore Services Limited [Member]-->
  <nat:RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod id="Fact_6e35c8f0a7054ad7b7a8b9364ff34f23" contextRef="c20190101to20191231_RelatedPartyTransactionsByRelatedPartyAxis_HermitageOffshoreServicesLimitedMember" unitRef="U002" decimals="-3">83000</nat:RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod>
  <!--Related Party Transaction, Amount of management fee received during the period-Hermitage Offshore Services Limited [Member]-->
  <nat:RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod id="Fact_ea3d9e55accb481197b722fd6ad0a68a" contextRef="c20180101to20181231_RelatedPartyTransactionsByRelatedPartyAxis_HermitageOffshoreServicesLimitedMember" unitRef="U002" decimals="-3">100000</nat:RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod>
  <!--Dividends received from Associate-->
  <nat:DividendsReceivedFromAssociate id="Fact_3b8868c60fc94dbfa13158bd6e331057" contextRef="c20170101to20171231" unitRef="U002" decimals="-3">1041000</nat:DividendsReceivedFromAssociate>
  <!--Dividends received from Associate-->
  <nat:DividendsReceivedFromAssociate id="Fact_4dd1c56a846440cfb7d540b1cae1ef54" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">0</nat:DividendsReceivedFromAssociate>
  <!--Dividends received from Associate-->
  <nat:DividendsReceivedFromAssociate id="Fact_f24bb4a16f24438f8c8cd1a5c94a12ae" contextRef="c20180101to20181231" unitRef="U002" decimals="-3">300000</nat:DividendsReceivedFromAssociate>
  <!--Fair Value of Shares Distributed as Dividend in Kind-->
  <nat:FairValueOfSharesDistributedAsDividendInKind id="Fact_55a45cfe011f4596b0110aa2ee45f0bd" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">0</nat:FairValueOfSharesDistributedAsDividendInKind>
  <!--Fair Value of Shares Distributed as Dividend in Kind-->
  <nat:FairValueOfSharesDistributedAsDividendInKind id="Fact_eaff70a6d4184093bb8c46fef3876123" contextRef="c20180101to20181231" unitRef="U002" decimals="-3">0</nat:FairValueOfSharesDistributedAsDividendInKind>
  <!--Fair Value of Shares Distributed as Dividend in Kind-->
  <nat:FairValueOfSharesDistributedAsDividendInKind id="Fact_f20f08eaaedf4810b185a651342bd7e7" contextRef="c20170101to20171231" unitRef="U002" decimals="-3">4910000</nat:FairValueOfSharesDistributedAsDividendInKind>
  <!--Dry dock Expenditures-->
  <nat:DryDockExpenditures id="Fact_4202eecf917e4a1295fe281fb7a35b42" contextRef="c20170101to20171231" unitRef="U002" decimals="-3">-18776000</nat:DryDockExpenditures>
  <!--Dry dock Expenditures-->
  <nat:DryDockExpenditures id="Fact_e9dbd9c192c149cab1e9ed6be12daece" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">-4158000</nat:DryDockExpenditures>
  <!--Dry dock Expenditures-->
  <nat:DryDockExpenditures id="Fact_ff14e9f4527f4c4c937348c8a169000a" contextRef="c20180101to20181231" unitRef="U002" decimals="-3">-5210000</nat:DryDockExpenditures>
  <!--Change in Fair Value of Investment Securities-->
  <nat:ChangeInFairValueOfInvestmentSecurities id="Fact_af5b521fff254e40af5c89168e79c4f5" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">3160000</nat:ChangeInFairValueOfInvestmentSecurities>
  <!--Proceeds From Vessel Financing Newbuilding-->
  <nat:ProceedsFromVesselFinancingNewbuildings id="Fact_3230f4b5a8864b4cb10f38e927fe25eb" contextRef="c20170101to20171231" unitRef="U002" decimals="-3">0</nat:ProceedsFromVesselFinancingNewbuildings>
  <!--Proceeds From Vessel Financing Newbuilding-->
  <nat:ProceedsFromVesselFinancingNewbuildings id="Fact_c7c3f0cdaf8f4472a04d2a4732680e86" contextRef="c20180101to20181231" unitRef="U002" decimals="-3">12505000</nat:ProceedsFromVesselFinancingNewbuildings>
  <!--Proceeds From Vessel Financing Newbuilding-->
  <nat:ProceedsFromVesselFinancingNewbuildings id="Fact_f672a293ea9d4d34bac9e5be851014bf" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">0</nat:ProceedsFromVesselFinancingNewbuildings>
  <!--Repayment of Vessel Financing New Buildings-->
  <nat:RepaymentOfVesselFinancingNewBuildings id="Fact_10bd4520d1cc4c9081baaee60be44543" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">7273000</nat:RepaymentOfVesselFinancingNewBuildings>
  <!--Repayment of Vessel Financing New Buildings-->
  <nat:RepaymentOfVesselFinancingNewBuildings id="Fact_134432bc4cbf45ad90f89d50fe1d9c41" contextRef="c20180101to20181231" unitRef="U002" decimals="-3">2361000</nat:RepaymentOfVesselFinancingNewBuildings>
  <!--Repayment of Vessel Financing New Buildings-->
  <nat:RepaymentOfVesselFinancingNewBuildings id="Fact_dc4e6950dbe144fda897ad1bd7d51fb1" contextRef="c20170101to20171231" unitRef="U002" decimals="-3">0</nat:RepaymentOfVesselFinancingNewBuildings>
  <!--Percentage of common share ownership-Shareholders' Rights Agreement [Member]-->
  <nat:PercentageOfCommonShareOwnership id="Fact_dcea21240e7f49c5bb721f592810981d" contextRef="c20170616_InvestmentTypeAxis_RightsMember" unitRef="U005" decimals="2">0.15</nat:PercentageOfCommonShareOwnership>
  <!--Preferred share purchase right-Shareholders' Rights Agreement [Member]-->
  <nat:PreferredSharePurchaseRight id="Fact_096c4234fef34d6fb4aee9e1dc4a5b62" contextRef="c20170616_InvestmentTypeAxis_RightsMember" unitRef="U005" decimals="INF">0.001</nat:PreferredSharePurchaseRight>
  <!--Share Premium Fund-->
  <nat:SharePremiumFund id="Fact_084acdd99a054f64a6f44ee836d1b428" contextRef="c20191231" unitRef="U002" decimals="-5">17900000</nat:SharePremiumFund>
  <!--Share Premium Fund-->
  <nat:SharePremiumFund id="Fact_2eb9171207d048ffb3817ec65dff2714" contextRef="c20181231" unitRef="U002" decimals="-5">103400000</nat:SharePremiumFund>
  <!--Reduction of share premium-Retained Earnings/(Accumulated Deficit) [Member]-->
  <nat:ReductionOfSharePremium id="Fact_05c175407a5145e693be9bed7fa75cd0" contextRef="c20190101to20191231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-Common Stock [Member]-->
  <nat:ReductionOfSharePremium id="Fact_2f2becf96e8c403694f0e31752ee2fa4" contextRef="c20190101to20191231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-Contributed Surplus [Member]-->
  <nat:ReductionOfSharePremium id="Fact_6628a4e066a84c6e99238badd7231790" contextRef="c20190101to20191231_StatementEquityComponentsAxis_ContributedSurplusMember" unitRef="U002" decimals="-3">-103379000</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-Additional Paid-in Capital [Member]-->
  <nat:ReductionOfSharePremium id="Fact_6639ce598b6441439b62147c393507d0" contextRef="c20190101to20191231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">103379000</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-->
  <nat:ReductionOfSharePremium id="Fact_699decca38e448bc96292dea66ea9e01" contextRef="c20190101to20191231" unitRef="U002" decimals="-3">0</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-Additional Paid-in Capital [Member]-->
  <nat:ReductionOfSharePremium id="Fact_71ab35ff7adb48249a0cb9bb6116057c" contextRef="c20170101to20171231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3">215481000</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-->
  <nat:ReductionOfSharePremium id="Fact_74599fd1d0804c04833ba1bd12484f69" contextRef="c20170101to20171231" unitRef="U002" decimals="-3">0</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-AOCI Attributable to Parent [Member]-->
  <nat:ReductionOfSharePremium id="Fact_8720d72d9ef144de91a57ddcdc65c027" contextRef="c20190101to20191231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-AOCI Attributable to Parent [Member]-->
  <nat:ReductionOfSharePremium id="Fact_8e46f28c99884c6790b0a9d68ad80e92" contextRef="c20170101to20171231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3">0</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-Retained Earnings/(Accumulated Deficit) [Member]-->
  <nat:ReductionOfSharePremium id="Fact_a0cf325dfaf844baab6f55b11449e1fe" contextRef="c20170101to20171231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3">0</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-Contributed Surplus [Member]-->
  <nat:ReductionOfSharePremium id="Fact_e84dcb4a800e43adbf2d9dbcdace5529" contextRef="c20170101to20171231_StatementEquityComponentsAxis_ContributedSurplusMember" unitRef="U002" decimals="-3">-215481000</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-Common Stock [Member]-->
  <nat:ReductionOfSharePremium id="Fact_f86a3e704bde469389cb7920fe53021c" contextRef="c20170101to20171231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</nat:ReductionOfSharePremium>
  <!--Reduction of share premium-->
  <nat:ReductionOfSharePremium id="Fact_449ccecf15204145a74d08ed1c640c55" contextRef="c20191119to20191119" unitRef="U002" decimals="-5">103400000</nat:ReductionOfSharePremium>
  <!--Number of Additional Shares Authorized-Common Stock [Member]-->
  <nat:NumberOfAdditionalSharesAuthorized id="Fact_b707ce995b68449eaa87c0f305097f54" contextRef="c20180101to20181231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="INF">180000000</nat:NumberOfAdditionalSharesAuthorized>
  <!--Reduction of Contributed Surplus-->
  <nat:ReductionOfContributedSurplus id="Fact_d85327f92c3c4a1a827082739937718c" contextRef="c20190101to20191231" unitRef="U002" decimals="-5">308800000</nat:ReductionOfContributedSurplus>
  <!--Vessels, Net [Table Text Block]-->
  <nat:VesselsNetTableTextBlock id="Fact_3e47bd6e831246bdbb36554fbf069eae" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp; font-style: italic;"&gt;All figures in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;amp; font-weight: bold;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center; font-family: &amp;amp;amp; font-weight: bold;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Vessels as of January 1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1,307,087&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;1,769,967&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="margin-left: 9pt;"&gt;Additions Vessels&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;2,531&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;169,446&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="margin-left: 9pt;"&gt;Disposals Vessels&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(632,326&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Drydocking as of January 1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;52,331&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;119,303&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="margin-left: 9pt;"&gt;Additions Drydocking&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;7,618&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;8,210&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="margin-left: 9pt;"&gt;Disposals Drydocking&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(75,182&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Total Vessels and Drydocking&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;1,369,567&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;1,359,418&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Less Accumulated Depreciation&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(469,570&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;(405,660&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;)&lt;font style="font-size: 8pt;"&gt;*&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;Less Accumulated Impairment Loss on Vessels&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;amp;"&gt;&lt;font style="font-size: 8pt;"&gt;**&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;Vessels&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;899,997&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;amp; font-weight: bold;"&gt;953,758&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;*Depreciation charges of $497.0 million related to vessels disposed of in 2018 is excluded&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;** Impairment charges of $2.2 million and $110.5 million related to vessels disposed of in 2018 is excluded&lt;/div&gt;&lt;/div&gt;</nat:VesselsNetTableTextBlock>
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  <!--Amount of Final Settlement Agreement to Terminate the Compensation Agreement with a Corresponding Payment-->
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  <!--Average approximate deadweight tons per vessel (in deadweight tons)-->
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  <!--Total number of vessels-->
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  <!--Number of operating vessels-->
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  <!--Deadweight tonnage-Nordic Vega [Member]-->
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  <!--Deadweight tonnage-Nordic Light [Member]-->
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  <!--Deadweight tonnage-Nordic Zenith [Member]-->
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  <!--Deadweight tonnage-Nordic Skier [Member]-->
  <nat:DeadweightTonnage id="Fact_25c4de3c8ceb4d358d2e7ed1265d0b99" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicSkierMember" unitRef="U006" decimals="0">159089</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Cross [Member]-->
  <nat:DeadweightTonnage id="Fact_2643e87b3f3b4d1bac613fd48643f9c6" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicCrossMember" unitRef="U006" decimals="0">158475</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Moon [Member]-->
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  <!--Deadweight tonnage-Nordic Tellus [Member]-->
  <nat:DeadweightTonnage id="Fact_3c448e888a574a9da2b1c686bda753f8" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicTellusMember" unitRef="U006" decimals="0">157000</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Castor [Member]-->
  <nat:DeadweightTonnage id="Fact_47a615f7de224e0e90b1a4d2113aa093" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicCastorMember" unitRef="U006" decimals="0">150249</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Cygnus [Member]-->
  <nat:DeadweightTonnage id="Fact_51555d75d6f74241ad1cee9a61526d7e" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicCygnusMember" unitRef="U006" decimals="0">157000</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Aquarius [Member]-->
  <nat:DeadweightTonnage id="Fact_6378f25acdb140fdb1a015e767640d2d" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicAquariusMember" unitRef="U006" decimals="0">157000</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Space [Member]-->
  <nat:DeadweightTonnage id="Fact_774044277b3445d3a287426a5b7565b4" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicSpaceMember" unitRef="U006" decimals="0">159000</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Sirius [Member]-->
  <nat:DeadweightTonnage id="Fact_a09f21ee3fd84423a9e5e41ad723a7e5" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicSiriusMember" unitRef="U006" decimals="0">150183</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Cosmos [Member]-->
  <nat:DeadweightTonnage id="Fact_a1c78f2f2fbe4d4a9d38945feaf48cd9" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicCosmosMember" unitRef="U006" decimals="0">159999</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Freedom [Member]-->
  <nat:DeadweightTonnage id="Fact_af49203b0cca450799eeb1dd6eb1612d" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicFreedomMember" unitRef="U006" decimals="0">159331</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Star [Member]-->
  <nat:DeadweightTonnage id="Fact_b1f8b64b03d941bfb7d774e60a3be4ab" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicStarMember" unitRef="U006" decimals="0">159000</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Pollux [Member]-->
  <nat:DeadweightTonnage id="Fact_b932bd4222ea49f78aef8f85c569c611" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicPolluxMember" unitRef="U006" decimals="0">150103</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Grace [Member]-->
  <nat:DeadweightTonnage id="Fact_caa2f2067114437ca8381d12069e862b" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicGraceMember" unitRef="U006" decimals="0">149921</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Mistral [Member]-->
  <nat:DeadweightTonnage id="Fact_e6eda68494904d0fa6868754bf6d3b53" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicMistralMember" unitRef="U006" decimals="0">164236</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Luna [Member]-->
  <nat:DeadweightTonnage id="Fact_f083b05048044c2c89e8ecf5915b65a1" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicLunaMember" unitRef="U006" decimals="0">150037</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Sprinter [Member]-->
  <nat:DeadweightTonnage id="Fact_f6c3b06ed16843e4922f4e64fbedbaa0" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicSprinterMember" unitRef="U006" decimals="0">159089</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Apollo [Member]-->
  <nat:DeadweightTonnage id="Fact_f925a61152bf4d34afcd2146f2c82814" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicApolloMember" unitRef="U006" decimals="0">159998</nat:DeadweightTonnage>
  <!--Deadweight tonnage-Nordic Passat [Member]-->
  <nat:DeadweightTonnage id="Fact_fbadfedb71b847b49afeef6d2bab0bdc" contextRef="c20190101to20191231_PropertyPlantAndEquipmentByTypeAxis_NordicPassatMember" unitRef="U006" decimals="0">164274</nat:DeadweightTonnage>
  <!--Other Non Current Assets [Text Block]-->
  <nat:OtherNonCurrentAssetsTextBlock id="Fact_481a0116da6d4a3e9c1e049ac0156ecc" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"&gt;&lt;tr&gt;&lt;td style="width: 26.85pt; vertical-align: top; font-weight: bold;"&gt;8.&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div style="font-weight: bold;"&gt;OTHER NON-CURRENT ASSETS&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot; font-style: italic;"&gt;All figures in USD &amp;#8216;000&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"&gt;&lt;div&gt;&lt;/div&gt;&lt;div style="font-weight: bold;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Fixture, Furniture and Equipment&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;65&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;128&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Right of Use Asset*&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;1,412&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;-&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;Other&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;57&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div style="font-family: &amp;amp;quot;"&gt;83&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;Total as of December 31,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;1,534&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div style="font-family: &amp;amp;quot; font-weight: bold;"&gt;211&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify;"&gt;* relates to certain office lease contracts. Optional periods are not included in the calculation.&lt;/div&gt;&lt;/div&gt;</nat:OtherNonCurrentAssetsTextBlock>
  <!--Vessels, Net-->
  <nat:VesselsNet id="Fact_001c33af8a98419ebe21afbab47cbdf1" contextRef="c20191231" unitRef="U002" decimals="-3">899997000</nat:VesselsNet>
  <!--Vessels, Net-->
  <nat:VesselsNet id="Fact_8a258566abc14260ae261b0cfe9b4b0f" contextRef="c20181231" unitRef="U002" decimals="-3">953758000</nat:VesselsNet>
  <!--Equity Securities, FV-NI, Non Current-->
  <nat:EquitySecuritiesFVNINonCurrent id="Fact_2e174dabf3a348f7866d17fab93dc1ee" contextRef="c20191231" unitRef="U002" decimals="-3">0</nat:EquitySecuritiesFVNINonCurrent>
  <!--Equity Securities, FV-NI, Non Current-->
  <nat:EquitySecuritiesFVNINonCurrent id="Fact_9adad974f0a1490088e98a6488c19610" contextRef="c20181231" unitRef="U002" decimals="-3">4197000</nat:EquitySecuritiesFVNINonCurrent>
  <!--Contributed Surplus-->
  <nat:ContributedSurplus id="Fact_e45bbb99b018442fb09915737ecf2818" contextRef="c20191231" unitRef="U002" decimals="-3">567202000</nat:ContributedSurplus>
  <!--Contributed Surplus-->
  <nat:ContributedSurplus id="Fact_fcf9b799322743ba91981b78187ffb87" contextRef="c20181231" unitRef="U002" decimals="-3">786881000</nat:ContributedSurplus>
  <!--Number Of Vessels The Company Has Taken Through Periodical Maintenance Survey-->
  <nat:NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey id="Fact_aaa4784068a34b86a2c0bffe2ece61dd" contextRef="c20191231" unitRef="U004" decimals="INF">3</nat:NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey>
  <!--Vessels Gross-Drydocking [Member]-->
  <nat:VesselsGross id="Fact_1962e06c273642a7a116365e13dc4d29" contextRef="c20181231_PropertyPlantAndEquipmentByTypeAxis_DrydockingMember" unitRef="U002" decimals="-3">119303000</nat:VesselsGross>
  <!--Vessels Gross-Vessels [Member]-->
  <nat:VesselsGross id="Fact_26b3938e4a5f494c920dad9f9e2e1aa8" contextRef="c20191231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3">1307087000</nat:VesselsGross>
  <!--Vessels Gross-->
  <nat:VesselsGross id="Fact_328ba785be534912bf37f5b7903e0c8f" contextRef="c20191231" unitRef="U002" decimals="-3">1369567000</nat:VesselsGross>
  <!--Vessels Gross-Drydocking [Member]-->
  <nat:VesselsGross id="Fact_444706b35cb8440ca5ec51f9ebccd4e0" contextRef="c20191231_PropertyPlantAndEquipmentByTypeAxis_DrydockingMember" unitRef="U002" decimals="-3">52331000</nat:VesselsGross>
  <!--Vessels Gross-->
  <nat:VesselsGross id="Fact_6d58d9c7180040078e7eeb34a32e77b2" contextRef="c20181231" unitRef="U002" decimals="-3">1359418000</nat:VesselsGross>
  <!--Vessels Gross-Vessels [Member]-->
  <nat:VesselsGross id="Fact_b3e5955da845406e9f1b32e29a20a735" contextRef="c20181231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3">1769967000</nat:VesselsGross>
  <!--Accumulated Impairment Loss on Vessels-->
  <nat:AccumulatedImpairmentLossOnVessels id="Fact_475dcf019e274b0f9e3c1cc1f8e07ce0" contextRef="c20191231" unitRef="U002" decimals="-3">0</nat:AccumulatedImpairmentLossOnVessels>
  <!--Accumulated Impairment Loss on Vessels-->
  <nat:AccumulatedImpairmentLossOnVessels id="Fact_8c0b2474a67f40fb841b8a58fe7ca1b5" contextRef="c20181231" unitRef="U002" decimals="-3">0</nat:AccumulatedImpairmentLossOnVessels>
  <!--Depreciation Charges Disposed-->
  <nat:DepreciationChargesDisposed id="Fact_99dfd1dc594a411cbc9bddcc76b41b10" contextRef="c20180101to20181231" unitRef="U002" decimals="-6">497000000</nat:DepreciationChargesDisposed>
  <!--Number of Vessels in Drydock For Periodical Maintenance-->
  <nat:NumberOfVesselsInDrydockForPeriodicalMaintenance id="Fact_e8dc5a8dae924c639ff1e2664a3e6b2f" contextRef="c20191231" unitRef="U004" decimals="INF">2</nat:NumberOfVesselsInDrydockForPeriodicalMaintenance>
  <!--Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Non-vested Stock Options-Stock Option [Member]-Amended Restated 2011 Equity Incentive Plan [Member]-->
  <nat:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions id="Fact_1aaefa1940db408ba8e23cd924cfd69c" contextRef="c20190101to20191231_AwardTypeAxis_EmployeeStockOptionMember_PlanNameAxis_AmendedRestated2011EquityIncentivePlanMember" unitRef="U002" decimals="-5">500000</nat:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions>
  <!--Status of each vessel [Table Text Block]-->
  <nat:StatusOfEachVesselTableTextBlock id="Fact_688e21e641bc4d3ba8f234f7bb7d00d3" contextRef="c20190101to20191231">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;The Company&amp;#8217;s current fleet consists of 23 Suezmax crude oil tankers of which the vast majority have been built in Korea.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top;"&gt;&lt;div style="font-weight: bold;"&gt;&lt;u&gt;Vessel&lt;/u&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-weight: bold;"&gt;&lt;u&gt;Built in&lt;/u&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-weight: bold;"&gt;&lt;u&gt;Deadweight&lt;/u&gt;&lt;/div&gt;&lt;div style="text-align: center; font-weight: bold;"&gt;&lt;u&gt; Tons&lt;/u&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-weight: bold;"&gt;&lt;u&gt;Delivered to NAT in&lt;/u&gt;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Freedom&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;159,331&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Moon&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;160,305&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Apollo&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2003&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;159,998&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Cosmos&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2003&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;159,999&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2006&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Grace&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;149,921&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2009&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Mistral&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;164,236&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2009&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Passat&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2002&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;164,274&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Vega&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;163,940&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Breeze&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;158,597&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Zenith&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;158,645&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2011&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Sprinter&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;159,089&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2014&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Skier&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2005&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;159,089&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2014&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Light&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;158,475&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Cross&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2010&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;158,475&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Luna&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2004&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;150,037&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Castor&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2004&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;150,249&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Sirius&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;150,183&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Pollux&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2003&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;150,103&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Star&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;159,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Space&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;159,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Tellus&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;157,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;Nordic Aquarius&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;157,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: center;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;Nordic Cygnus&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;157,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;div style="text-align: center;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</nat:StatusOfEachVesselTableTextBlock>
  <link:footnoteLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:footnote xlink:label="Footnote-Item-1" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Depreciation charges of $497.0 million related to vessels disposed of in 2018 is excluded</link:footnote>
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    <link:footnote xlink:label="Footnote-Item-2" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Refers to obligation to repay indebtness outstanding as of December 31, 2019 for financing of the 2018 Newbuildings</link:footnote>
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    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Fact_dc717dbd37774b74824734498aa39b10_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
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    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Fact_287196c8174f49e7883302262dbef78c_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
    <link:footnote xlink:label="Footnote-Item-3" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Refers to obligation to repay indebtness outstanding as of December 31, 2019 under the 2019 Senior Secured Credit Facility</link:footnote>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>16
<FILENAME>nat-20191231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA LABEL LINKBASE DOCUMENT
<TEXT>
<XBRL>
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    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl" xml:lang="en-US" id="us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_lbl">Common Stock [Abstract]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareCashPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockDividendsPerShareCashPaid_lbl" xml:lang="en-US" id="us-gaap_CommonStockDividendsPerShareCashPaid_lbl">Cash Dividends per Share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockDividendsPerShareCashPaid" xlink:to="us-gaap_CommonStockDividendsPerShareCashPaid_lbl" xlink:title="label: CommonStockDividendsPerShareCashPaid to us-gaap_CommonStockDividendsPerShareCashPaid_lbl" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="CommonStockSharesIssued" xlink:title="CommonStockSharesIssued" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xlink:title="label: CommonStockSharesIssued to us-gaap_CommonStockSharesIssued_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_CommonStockSharesIssued_lbl1" xml:lang="en-US" id="us-gaap_CommonStockSharesIssued_lbl1">Balance at beginning of period, issued (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl1" xlink:title="label: CommonStockSharesIssued to us-gaap_CommonStockSharesIssued_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockSharesIssued_lbl2" xml:lang="en-US" id="us-gaap_CommonStockSharesIssued_lbl2">Common Stock, shares issued (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl2" xlink:title="label: CommonStockSharesIssued to us-gaap_CommonStockSharesIssued_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="CommonStockSharesAuthorized" xlink:title="CommonStockSharesAuthorized" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US" id="us-gaap_CommonStockSharesAuthorized_lbl">Balance at end of period (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" xlink:title="label: CommonStockSharesAuthorized to us-gaap_CommonStockSharesAuthorized_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_CommonStockSharesAuthorized_lbl1" xml:lang="en-US" id="us-gaap_CommonStockSharesAuthorized_lbl1">Balance at beginning of period (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl1" xlink:title="label: CommonStockSharesAuthorized to us-gaap_CommonStockSharesAuthorized_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockSharesAuthorized_lbl2" xml:lang="en-US" id="us-gaap_CommonStockSharesAuthorized_lbl2">Common Stock, shares authorized (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl2" xlink:title="label: CommonStockSharesAuthorized to us-gaap_CommonStockSharesAuthorized_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockValueOutstanding" xlink:label="CommonStockValueOutstanding" xlink:title="CommonStockValueOutstanding" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockValueOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_CommonStockValueOutstanding_lbl" xml:lang="en-US" id="us-gaap_CommonStockValueOutstanding_lbl">Balance at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValueOutstanding" xlink:to="us-gaap_CommonStockValueOutstanding_lbl" xlink:title="label: CommonStockValueOutstanding to us-gaap_CommonStockValueOutstanding_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockValueOutstanding_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_CommonStockValueOutstanding_lbl1" xml:lang="en-US" id="us-gaap_CommonStockValueOutstanding_lbl1">Balance at beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValueOutstanding" xlink:to="us-gaap_CommonStockValueOutstanding_lbl1" xlink:title="label: CommonStockValueOutstanding to us-gaap_CommonStockValueOutstanding_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockValueOutstanding_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockValueOutstanding_lbl2" xml:lang="en-US" id="us-gaap_CommonStockValueOutstanding_lbl2">Common Stock, Value, Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValueOutstanding" xlink:to="us-gaap_CommonStockValueOutstanding_lbl2" xlink:title="label: CommonStockValueOutstanding to us-gaap_CommonStockValueOutstanding_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="CommonStockSharesOutstanding" xlink:title="CommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US" id="us-gaap_CommonStockSharesOutstanding_lbl">Balance at beginning of period, outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:title="label: CommonStockSharesOutstanding to us-gaap_CommonStockSharesOutstanding_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_CommonStockSharesOutstanding_lbl1" xml:lang="en-US" id="us-gaap_CommonStockSharesOutstanding_lbl1">Balance at end of period, outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl1" xlink:title="label: CommonStockSharesOutstanding to us-gaap_CommonStockSharesOutstanding_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockSharesOutstanding_lbl2" xml:lang="en-US" id="us-gaap_CommonStockSharesOutstanding_lbl2">Common Stock, shares outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl2" xlink:title="label: CommonStockSharesOutstanding to us-gaap_CommonStockSharesOutstanding_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockValue" xlink:label="CommonStockValue" xlink:title="CommonStockValue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_CommonStockValue_lbl" xml:lang="en-US" id="us-gaap_CommonStockValue_lbl">Common Stock, par value $0.01 per share 360,000,000 authorized, 147,230,634 and 141,969,666 issued and outstanding at December 31, 2019 and December 31, 2018, respectively.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" xlink:title="label: CommonStockValue to us-gaap_CommonStockValue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockValue_lbl1" xml:lang="en-US" id="us-gaap_CommonStockValue_lbl1">Common Stock, Value, Issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl1" xlink:title="label: CommonStockValue to us-gaap_CommonStockValue_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CompensationRelatedCostsGeneralTextBlock" xlink:label="CompensationRelatedCostsGeneralTextBlock" xlink:title="CompensationRelatedCostsGeneralTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl" xml:lang="en-US" id="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl">DEFERRED COMPENSATION LIABILITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationRelatedCostsGeneralTextBlock" xlink:to="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl" xlink:title="label: CompensationRelatedCostsGeneralTextBlock to us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl1" xml:lang="en-US" id="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl1">Compensation Related Costs, General [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationRelatedCostsGeneralTextBlock" xlink:to="us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl1" xlink:title="label: CompensationRelatedCostsGeneralTextBlock to us-gaap_CompensationRelatedCostsGeneralTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:label="CompensationRelatedCostsPolicyTextBlock" xlink:title="CompensationRelatedCostsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl">Deferred Compensation Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationRelatedCostsPolicyTextBlock" xlink:to="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl" xlink:title="label: CompensationRelatedCostsPolicyTextBlock to us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl1" xml:lang="en-US" id="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl1">Compensation Related Costs, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationRelatedCostsPolicyTextBlock" xlink:to="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl1" xlink:title="label: CompensationRelatedCostsPolicyTextBlock to us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="ComprehensiveIncomeNetOfTax" xlink:title="ComprehensiveIncomeNetOfTax" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US" id="us-gaap_ComprehensiveIncomeNetOfTax_lbl">Total Comprehensive (Loss)/Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:title="label: ComprehensiveIncomeNetOfTax to us-gaap_ComprehensiveIncomeNetOfTax_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ComprehensiveIncomeNetOfTax_lbl1" xml:lang="en-US" id="us-gaap_ComprehensiveIncomeNetOfTax_lbl1">Total Comprehensive Loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl1" xlink:title="label: ComprehensiveIncomeNetOfTax to us-gaap_ComprehensiveIncomeNetOfTax_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ComprehensiveIncomeNetOfTax_lbl2" xml:lang="en-US" id="us-gaap_ComprehensiveIncomeNetOfTax_lbl2">Comprehensive Income (Loss), Net of Tax, Attributable to Parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl2" xlink:title="label: ComprehensiveIncomeNetOfTax to us-gaap_ComprehensiveIncomeNetOfTax_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="ConcentrationRiskByBenchmarkAxis" xlink:title="ConcentrationRiskByBenchmarkAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl">Concentration Risk by Benchmark [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskByBenchmarkAxis" xlink:to="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xlink:title="label: ConcentrationRiskByBenchmarkAxis to us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="ConcentrationRiskPercentage1" xlink:title="ConcentrationRiskPercentage1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_ConcentrationRiskPercentage1_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskPercentage1_lbl">Concentration of credit risk percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1_lbl" xlink:title="label: ConcentrationRiskPercentage1 to us-gaap_ConcentrationRiskPercentage1_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskPercentage1_lbl1" xml:lang="en-US" id="us-gaap_ConcentrationRiskPercentage1_lbl1">Concentration Risk, Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1_lbl1" xlink:title="label: ConcentrationRiskPercentage1 to us-gaap_ConcentrationRiskPercentage1_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="ConcentrationRiskBenchmarkDomain" xlink:title="ConcentrationRiskBenchmarkDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskBenchmarkDomain_lbl">Concentration Risk Benchmark [Domain]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="ConcentrationRiskLineItems" xlink:title="ConcentrationRiskLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskLineItems_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskLineItems_lbl">Concentration Risk [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskLineItems" xlink:to="us-gaap_ConcentrationRiskLineItems_lbl" xlink:title="label: ConcentrationRiskLineItems to us-gaap_ConcentrationRiskLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConcentrationRiskCreditRisk" xlink:label="ConcentrationRiskCreditRisk" xlink:title="ConcentrationRiskCreditRisk" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskCreditRisk_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_ConcentrationRiskCreditRisk_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskCreditRisk_lbl">Concentration of Credit Risk</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskCreditRisk" xlink:to="us-gaap_ConcentrationRiskCreditRisk_lbl" xlink:title="label: ConcentrationRiskCreditRisk to us-gaap_ConcentrationRiskCreditRisk_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskCreditRisk_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskCreditRisk_lbl1" xml:lang="en-US" id="us-gaap_ConcentrationRiskCreditRisk_lbl1">Concentration Risk, Credit Risk, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskCreditRisk" xlink:to="us-gaap_ConcentrationRiskCreditRisk_lbl1" xlink:title="label: ConcentrationRiskCreditRisk to us-gaap_ConcentrationRiskCreditRisk_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="ConcentrationRiskTable" xlink:title="ConcentrationRiskTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskTable_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskTable_lbl">Concentration Risk [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskTable" xlink:to="us-gaap_ConcentrationRiskTable_lbl" xlink:title="label: ConcentrationRiskTable to us-gaap_ConcentrationRiskTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="ConsolidationPolicyTextBlock" xlink:title="ConsolidationPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConsolidationPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_ConsolidationPolicyTextBlock_lbl">Principles of Consolidation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidationPolicyTextBlock" xlink:to="us-gaap_ConsolidationPolicyTextBlock_lbl" xlink:title="label: ConsolidationPolicyTextBlock to us-gaap_ConsolidationPolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ContractualObligationDueInFifthYear" xlink:label="ContractualObligationDueInFifthYear" xlink:title="ContractualObligationDueInFifthYear" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractualObligationDueInFifthYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractualObligationDueInFifthYear_lbl" xml:lang="en-US" id="us-gaap_ContractualObligationDueInFifthYear_lbl">2024</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractualObligationDueInFifthYear" xlink:to="us-gaap_ContractualObligationDueInFifthYear_lbl" xlink:title="label: ContractualObligationDueInFifthYear to us-gaap_ContractualObligationDueInFifthYear_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ContractualObligationDueInNextTwelveMonths" xlink:label="ContractualObligationDueInNextTwelveMonths" xlink:title="ContractualObligationDueInNextTwelveMonths" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractualObligationDueInNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ContractualObligationDueInNextTwelveMonths_lbl" xml:lang="en-US" id="us-gaap_ContractualObligationDueInNextTwelveMonths_lbl">2020</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractualObligationDueInNextTwelveMonths" xlink:to="us-gaap_ContractualObligationDueInNextTwelveMonths_lbl" xlink:title="label: ContractualObligationDueInNextTwelveMonths to us-gaap_ContractualObligationDueInNextTwelveMonths_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractualObligationDueInNextTwelveMonths_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractualObligationDueInNextTwelveMonths_lbl1" xml:lang="en-US" id="us-gaap_ContractualObligationDueInNextTwelveMonths_lbl1">Contractual Obligation, Due in Next Fiscal Year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractualObligationDueInNextTwelveMonths" xlink:to="us-gaap_ContractualObligationDueInNextTwelveMonths_lbl1" xlink:title="label: ContractualObligationDueInNextTwelveMonths to us-gaap_ContractualObligationDueInNextTwelveMonths_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ContractualObligationDueAfterFifthYear" xlink:label="ContractualObligationDueAfterFifthYear" xlink:title="ContractualObligationDueAfterFifthYear" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractualObligationDueAfterFifthYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractualObligationDueAfterFifthYear_lbl" xml:lang="en-US" id="us-gaap_ContractualObligationDueAfterFifthYear_lbl">More than 5 years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractualObligationDueAfterFifthYear" xlink:to="us-gaap_ContractualObligationDueAfterFifthYear_lbl" xlink:title="label: ContractualObligationDueAfterFifthYear to us-gaap_ContractualObligationDueAfterFifthYear_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ContractualObligationDueInThirdYear" xlink:label="ContractualObligationDueInThirdYear" xlink:title="ContractualObligationDueInThirdYear" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractualObligationDueInThirdYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ContractualObligationDueInThirdYear_lbl" xml:lang="en-US" id="us-gaap_ContractualObligationDueInThirdYear_lbl">2022</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractualObligationDueInThirdYear" xlink:to="us-gaap_ContractualObligationDueInThirdYear_lbl" xlink:title="label: ContractualObligationDueInThirdYear to us-gaap_ContractualObligationDueInThirdYear_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractualObligationDueInThirdYear_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractualObligationDueInThirdYear_lbl1" xml:lang="en-US" id="us-gaap_ContractualObligationDueInThirdYear_lbl1">Contractual Obligation, Due in Third Year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractualObligationDueInThirdYear" xlink:to="us-gaap_ContractualObligationDueInThirdYear_lbl1" xlink:title="label: ContractualObligationDueInThirdYear to us-gaap_ContractualObligationDueInThirdYear_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ContractualObligationDueInFourthYear" xlink:label="ContractualObligationDueInFourthYear" xlink:title="ContractualObligationDueInFourthYear" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractualObligationDueInFourthYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractualObligationDueInFourthYear_lbl" xml:lang="en-US" id="us-gaap_ContractualObligationDueInFourthYear_lbl">2023</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractualObligationDueInFourthYear" xlink:to="us-gaap_ContractualObligationDueInFourthYear_lbl" xlink:title="label: ContractualObligationDueInFourthYear to us-gaap_ContractualObligationDueInFourthYear_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ContractualObligationFiscalYearMaturityAbstract" xlink:label="ContractualObligationFiscalYearMaturityAbstract" xlink:title="ContractualObligationFiscalYearMaturityAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractualObligationFiscalYearMaturityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractualObligationFiscalYearMaturityAbstract_lbl" xml:lang="en-US" id="us-gaap_ContractualObligationFiscalYearMaturityAbstract_lbl">Contractual Obligation [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractualObligationFiscalYearMaturityAbstract" xlink:to="us-gaap_ContractualObligationFiscalYearMaturityAbstract_lbl" xlink:title="label: ContractualObligationFiscalYearMaturityAbstract to us-gaap_ContractualObligationFiscalYearMaturityAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ContractualObligationDueInSecondYear" xlink:label="ContractualObligationDueInSecondYear" xlink:title="ContractualObligationDueInSecondYear" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractualObligationDueInSecondYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ContractualObligationDueInSecondYear_lbl" xml:lang="en-US" id="us-gaap_ContractualObligationDueInSecondYear_lbl">2021</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_ContractualObligationDueInSecondYear_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractualObligationDueInSecondYear_lbl1" xml:lang="en-US" id="us-gaap_ContractualObligationDueInSecondYear_lbl1">Contractual Obligation, Due in Second Year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractualObligationDueInSecondYear" xlink:to="us-gaap_ContractualObligationDueInSecondYear_lbl1" xlink:title="label: ContractualObligationDueInSecondYear to us-gaap_ContractualObligationDueInSecondYear_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ContractualObligation" xlink:label="ContractualObligation" xlink:title="ContractualObligation" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractualObligation_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractualObligation_lbl" xml:lang="en-US" id="us-gaap_ContractualObligation_lbl">Total</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CostOfGoodsAndServicesSold" xlink:label="CostOfGoodsAndServicesSold" xlink:title="CostOfGoodsAndServicesSold" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostOfGoodsAndServicesSold_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_CostOfGoodsAndServicesSold_lbl" xml:lang="en-US" id="us-gaap_CostOfGoodsAndServicesSold_lbl">Voyage Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfGoodsAndServicesSold" xlink:to="us-gaap_CostOfGoodsAndServicesSold_lbl" xlink:title="label: CostOfGoodsAndServicesSold to us-gaap_CostOfGoodsAndServicesSold_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostOfGoodsAndServicesSold_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CostOfGoodsAndServicesSold_lbl1" xml:lang="en-US" id="us-gaap_CostOfGoodsAndServicesSold_lbl1">Cost of Goods and Services Sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfGoodsAndServicesSold" xlink:to="us-gaap_CostOfGoodsAndServicesSold_lbl1" xlink:title="label: CostOfGoodsAndServicesSold to us-gaap_CostOfGoodsAndServicesSold_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CostsAndExpensesRelatedParty" xlink:label="CostsAndExpensesRelatedParty" xlink:title="CostsAndExpensesRelatedParty" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostsAndExpensesRelatedParty_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_CostsAndExpensesRelatedParty_lbl" xml:lang="en-US" id="us-gaap_CostsAndExpensesRelatedParty_lbl">Costs and expenses, related party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsAndExpensesRelatedParty" xlink:to="us-gaap_CostsAndExpensesRelatedParty_lbl" xlink:title="label: CostsAndExpensesRelatedParty to us-gaap_CostsAndExpensesRelatedParty_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostsAndExpensesRelatedParty_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CostsAndExpensesRelatedParty_lbl1" xml:lang="en-US" id="us-gaap_CostsAndExpensesRelatedParty_lbl1">Costs and Expenses, Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsAndExpensesRelatedParty" xlink:to="us-gaap_CostsAndExpensesRelatedParty_lbl1" xlink:title="label: CostsAndExpensesRelatedParty to us-gaap_CostsAndExpensesRelatedParty_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="CreditFacilityDomain" xlink:title="CreditFacilityDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CreditFacilityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CreditFacilityDomain_lbl" xml:lang="en-US" id="us-gaap_CreditFacilityDomain_lbl">Credit Facility [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditFacilityDomain" xlink:to="us-gaap_CreditFacilityDomain_lbl" xlink:title="label: CreditFacilityDomain to us-gaap_CreditFacilityDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="CreditFacilityAxis" xlink:title="CreditFacilityAxis" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditFacilityAxis" xlink:to="us-gaap_CreditFacilityAxis_lbl" xlink:title="label: CreditFacilityAxis to us-gaap_CreditFacilityAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption" xlink:label="CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption" xlink:title="CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption_lbl" xml:lang="en-US" id="us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption_lbl">Effect of change in accounting policy</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_DisaggregationOfRevenueTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DisaggregationOfRevenueTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_DisaggregationOfRevenueTableTextBlock_lbl">Voyage Revenues</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredCompensationLiabilityAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DeferredCompensationLiabilityAbstract_lbl1" xml:lang="en-US" id="us-gaap_DeferredCompensationLiabilityAbstract_lbl1">Deferred Compensation Liability [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="IncreaseDecreaseInInventories" xlink:title="IncreaseDecreaseInInventories" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:title="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:to="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl" xlink:title="label: InterestIncomeAndInterestExpenseDisclosureTextBlock to us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl1" xml:lang="en-US" id="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl1">Interest Income and Interest Expense Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:to="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl1" xlink:title="label: InterestIncomeAndInterestExpenseDisclosureTextBlock to us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="InventoryPolicyTextBlock" xlink:title="InventoryPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InventoryPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InventoryPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_InventoryPolicyTextBlock_lbl">Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryPolicyTextBlock" xlink:to="us-gaap_InventoryPolicyTextBlock_lbl" xlink:title="label: InventoryPolicyTextBlock to us-gaap_InventoryPolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InvestmentTextBlock" xlink:label="InvestmentTextBlock" xlink:title="InvestmentTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_InvestmentTextBlock_lbl" xml:lang="en-US" id="us-gaap_InvestmentTextBlock_lbl">INVESTMENT SECURITIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentTextBlock" xlink:to="us-gaap_InvestmentTextBlock_lbl" xlink:title="label: InvestmentTextBlock to us-gaap_InvestmentTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentTextBlock_lbl1" xml:lang="en-US" id="us-gaap_InvestmentTextBlock_lbl1">Investment [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentTextBlock" xlink:to="us-gaap_InvestmentTextBlock_lbl1" xlink:title="label: InvestmentTextBlock to us-gaap_InvestmentTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InvestmentTypeCategorizationMember" xlink:label="InvestmentTypeCategorizationMember" xlink:title="InvestmentTypeCategorizationMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentTypeCategorizationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentTypeCategorizationMember_lbl" xml:lang="en-US" id="us-gaap_InvestmentTypeCategorizationMember_lbl">Investments [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentTypeCategorizationMember" xlink:to="us-gaap_InvestmentTypeCategorizationMember_lbl" xlink:title="label: InvestmentTypeCategorizationMember to us-gaap_InvestmentTypeCategorizationMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="InvestmentIncomeInterest" xlink:title="InvestmentIncomeInterest" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_InvestmentIncomeInterest_lbl" xml:lang="en-US" id="us-gaap_InvestmentIncomeInterest_lbl">Interest Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_lbl" xlink:title="label: InvestmentIncomeInterest to us-gaap_InvestmentIncomeInterest_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentIncomeInterest_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentIncomeInterest_lbl1" xml:lang="en-US" id="us-gaap_InvestmentIncomeInterest_lbl1">Investment Income, Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_lbl1" xlink:title="label: InvestmentIncomeInterest to us-gaap_InvestmentIncomeInterest_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InvestmentPolicyTextBlock" xlink:label="InvestmentPolicyTextBlock" xlink:title="InvestmentPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_InvestmentPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_InvestmentPolicyTextBlock_lbl">Investment Securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentPolicyTextBlock" xlink:to="us-gaap_InvestmentPolicyTextBlock_lbl" xlink:title="label: InvestmentPolicyTextBlock to us-gaap_InvestmentPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentPolicyTextBlock_lbl1" xml:lang="en-US" id="us-gaap_InvestmentPolicyTextBlock_lbl1">Investment, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentPolicyTextBlock" xlink:to="us-gaap_InvestmentPolicyTextBlock_lbl1" xlink:title="label: InvestmentPolicyTextBlock to us-gaap_InvestmentPolicyTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InvestmentTypeAxis" xlink:label="InvestmentTypeAxis" xlink:title="InvestmentTypeAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentTypeAxis_lbl" xml:lang="en-US" id="us-gaap_InvestmentTypeAxis_lbl">Investment Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentTypeAxis" xlink:to="us-gaap_InvestmentTypeAxis_lbl" xlink:title="label: InvestmentTypeAxis to us-gaap_InvestmentTypeAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InvestmentsAbstract" xlink:label="InvestmentsAbstract" xlink:title="InvestmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentsAbstract_lbl" xml:lang="en-US" id="us-gaap_InvestmentsAbstract_lbl">INVESTMENT SECURITIES [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsAbstract" xlink:to="us-gaap_InvestmentsAbstract_lbl" xlink:title="label: InvestmentsAbstract to us-gaap_InvestmentsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract" xlink:label="LessorOperatingLeasePaymentsFiscalYearMaturityAbstract" xlink:title="LessorOperatingLeasePaymentsFiscalYearMaturityAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract_lbl" xml:lang="en-US" id="us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract_lbl">Future Minimum Revenues [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessorOperatingLeasePaymentsFiscalYearMaturityAbstract" xlink:to="us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract_lbl" xlink:title="label: LessorOperatingLeasePaymentsFiscalYearMaturityAbstract to us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:label="LessorOperatingLeasePaymentsToBeReceived" xlink:title="LessorOperatingLeasePaymentsToBeReceived" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl" xml:lang="en-US" id="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl">Future minimum revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessorOperatingLeasePaymentsToBeReceived" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl" xlink:title="label: LessorOperatingLeasePaymentsToBeReceived to us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl1" xml:lang="en-US" id="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl1">Lessor, Operating Lease, Payments to be Received</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessorOperatingLeasePaymentsToBeReceived" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl1" xlink:title="label: LessorOperatingLeasePaymentsToBeReceived to us-gaap_LessorOperatingLeasePaymentsToBeReceived_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:label="LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:title="LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_lbl" xml:lang="en-US" id="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_lbl">2020</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" xlink:to="us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_lbl" xlink:title="label: LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths to us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" xlink:label="LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" xlink:title="LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock_lbl">Future Minimum Revenues</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:label="LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:title="LessorOperatingLeasePaymentsToBeReceivedTwoYears" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_lbl" xml:lang="en-US" id="us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_lbl">2021</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:label="LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:title="LessorOperatingLeasePaymentsToBeReceivedThreeYears" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_lbl" xml:lang="en-US" id="us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_lbl">2022</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeLeasesPolicyTextBlock" xlink:label="LesseeLeasesPolicyTextBlock" xlink:title="LesseeLeasesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LesseeLeasesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LesseeLeasesPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_LesseeLeasesPolicyTextBlock_lbl">Leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LesseeLeasesPolicyTextBlock" xlink:to="us-gaap_LesseeLeasesPolicyTextBlock_lbl" xlink:title="label: LesseeLeasesPolicyTextBlock to us-gaap_LesseeLeasesPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LesseeLeasesPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LesseeLeasesPolicyTextBlock_lbl1" xml:lang="en-US" id="us-gaap_LesseeLeasesPolicyTextBlock_lbl1">Lessee, Leases [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LesseeLeasesPolicyTextBlock" xlink:to="us-gaap_LesseeLeasesPolicyTextBlock_lbl1" xlink:title="label: LesseeLeasesPolicyTextBlock to us-gaap_LesseeLeasesPolicyTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="LiabilitiesAndStockholdersEquityAbstract" xlink:title="LiabilitiesAndStockholdersEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl">EQUITY AND LIABILITIES [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:title="label: LiabilitiesAndStockholdersEquityAbstract to us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl1" xml:lang="en-US" id="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl1">Liabilities and Shareholders' Equity</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="LiabilitiesAndStockholdersEquity" xlink:title="LiabilitiesAndStockholdersEquity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesAndStockholdersEquity_lbl">Total Liabilities and Shareholders' Equity</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl1" xlink:title="label: LiabilitiesAndStockholdersEquity to us-gaap_LiabilitiesAndStockholdersEquity_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="LiabilitiesNoncurrent" xlink:title="LiabilitiesNoncurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_LiabilitiesNoncurrent_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesNoncurrent_lbl">Total Non-Current Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesNoncurrent" xlink:to="us-gaap_LiabilitiesNoncurrent_lbl" xlink:title="label: LiabilitiesNoncurrent to us-gaap_LiabilitiesNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesNoncurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesNoncurrent_lbl1" xml:lang="en-US" id="us-gaap_LiabilitiesNoncurrent_lbl1">Total Non-Current Liabilities</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesNoncurrentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesNoncurrentAbstract_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesNoncurrentAbstract_lbl">Non - Current Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesNoncurrentAbstract" xlink:to="us-gaap_LiabilitiesNoncurrentAbstract_lbl" xlink:title="label: LiabilitiesNoncurrentAbstract to us-gaap_LiabilitiesNoncurrentAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="LiabilitiesCurrentAbstract" xlink:title="LiabilitiesCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesCurrentAbstract_lbl">Current Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:title="label: LiabilitiesCurrentAbstract to us-gaap_LiabilitiesCurrentAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="LiabilitiesCurrent" xlink:title="LiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesCurrent_lbl">Total Current Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" xlink:title="label: LiabilitiesCurrent to us-gaap_LiabilitiesCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesCurrent_lbl1" xml:lang="en-US" id="us-gaap_LiabilitiesCurrent_lbl1">Total Current Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl1" xlink:title="label: LiabilitiesCurrent to us-gaap_LiabilitiesCurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LineOfCreditFacilityAbstract" xlink:label="LineOfCreditFacilityAbstract" xlink:title="LineOfCreditFacilityAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LineOfCreditFacilityAbstract_lbl" xml:lang="en-US" id="us-gaap_LineOfCreditFacilityAbstract_lbl">Line of Credit Facility [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LineOfCredit" xlink:label="LineOfCredit" xlink:title="LineOfCredit" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LineOfCredit_lbl" xml:lang="en-US" id="us-gaap_LineOfCredit_lbl">Drawn amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCredit" xlink:to="us-gaap_LineOfCredit_lbl" xlink:title="label: LineOfCredit to us-gaap_LineOfCredit_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LineOfCreditFacilityExpirationDate1" xlink:label="LineOfCreditFacilityExpirationDate1" xlink:title="LineOfCreditFacilityExpirationDate1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityExpirationDate1_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LineOfCreditFacilityExpirationDate1_lbl" xml:lang="en-US" id="us-gaap_LineOfCreditFacilityExpirationDate1_lbl">Maturity date</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityExpirationDate1_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LineOfCreditFacilityExpirationDate1_lbl1" xml:lang="en-US" id="us-gaap_LineOfCreditFacilityExpirationDate1_lbl1">Line of Credit Facility, Expiration Date</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:title="LineOfCreditFacilityMaximumBorrowingCapacity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US" id="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl">Maximum borrowing capacity</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LinesOfCreditFairValueDisclosure" xlink:label="LinesOfCreditFairValueDisclosure" xlink:title="LinesOfCreditFairValueDisclosure" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LinesOfCreditFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_LinesOfCreditFairValueDisclosure_lbl" xml:lang="en-US" id="us-gaap_LinesOfCreditFairValueDisclosure_lbl">Credit Facility</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_LinesOfCreditFairValueDisclosure_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LinesOfCreditFairValueDisclosure_lbl1" xml:lang="en-US" id="us-gaap_LinesOfCreditFairValueDisclosure_lbl1">Lines of Credit, Fair Value Disclosure</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_LinesOfCreditCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LinesOfCreditCurrent_lbl" xml:lang="en-US" id="us-gaap_LinesOfCreditCurrent_lbl">Long term debt current</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LongTermDebtTextBlock" xlink:label="LongTermDebtTextBlock" xlink:title="LongTermDebtTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_LongTermDebtTextBlock_lbl" xml:lang="en-US" id="us-gaap_LongTermDebtTextBlock_lbl">LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermDebtTextBlock_lbl1" xml:lang="en-US" id="us-gaap_LongTermDebtTextBlock_lbl1">Long-term Debt [Text Block]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US" id="us-gaap_LongTermDebtNoncurrent_lbl">Long-Term Debt</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermDebtNoncurrent_lbl1" xml:lang="en-US" id="us-gaap_LongTermDebtNoncurrent_lbl1">Long-term Debt, Excluding Current Maturities</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermDebtCurrent_lbl1" xml:lang="en-US" id="us-gaap_LongTermDebtCurrent_lbl1">Current Portion of Long Term Debt</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1">Net Cash Provided by (Used in) Investing Activities</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1">Net Cash Provided by (Used in) Financing Activities</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl1" xlink:title="label: NewAccountingPronouncementsPolicyPolicyTextBlock to us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NonoperatingIncomeExpense_lbl1" xml:lang="en-US" id="us-gaap_NonoperatingIncomeExpense_lbl1">Nonoperating Income (Expense)</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_OperatingCostsAndExpenses_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OperatingCostsAndExpenses_lbl1" xml:lang="en-US" id="us-gaap_OperatingCostsAndExpenses_lbl1">Operating Costs and Expenses</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="PaymentsOfDividends" xlink:title="PaymentsOfDividends" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PaymentsOfDividends_lbl" xml:lang="en-US" id="us-gaap_PaymentsOfDividends_lbl">Dividend paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividends" xlink:to="us-gaap_PaymentsOfDividends_lbl" xlink:title="label: PaymentsOfDividends to us-gaap_PaymentsOfDividends_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividends_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsOfDividends_lbl1" xml:lang="en-US" id="us-gaap_PaymentsOfDividends_lbl1">Payments of Dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividends" xlink:to="us-gaap_PaymentsOfDividends_lbl1" xlink:title="label: PaymentsOfDividends to us-gaap_PaymentsOfDividends_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="PaymentsOfStockIssuanceCosts" xlink:title="PaymentsOfStockIssuanceCosts" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xml:lang="en-US" id="us-gaap_PaymentsOfStockIssuanceCosts_lbl">Common Shares Issued, issuance costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfStockIssuanceCosts" xlink:to="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xlink:title="label: PaymentsOfStockIssuanceCosts to us-gaap_PaymentsOfStockIssuanceCosts_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:label="PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:title="PaymentsToAcquireOilAndGasPropertyAndEquipment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl" xml:lang="en-US" id="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl">Investment in Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:to="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl" xlink:title="label: PaymentsToAcquireOilAndGasPropertyAndEquipment to us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl1" xml:lang="en-US" id="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl1">Payments to Acquire Oil and Gas Property and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireOilAndGasPropertyAndEquipment" xlink:to="us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl1" xlink:title="label: PaymentsToAcquireOilAndGasPropertyAndEquipment to us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:label="PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:title="PaymentsToAcquireOtherPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl">Investment in Other Fixed Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl" xlink:title="label: PaymentsToAcquireOtherPropertyPlantAndEquipment to us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl1" xml:lang="en-US" id="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl1">Payments to Acquire Other Property, Plant, and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl1" xlink:title="label: PaymentsToAcquireOtherPropertyPlantAndEquipment to us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:title="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl" xml:lang="en-US" id="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl">Investments in Associate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:to="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl" xlink:title="label: PaymentsToAcquireInterestInSubsidiariesAndAffiliates to us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl1" xml:lang="en-US" id="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl1">Payments to Acquire Interest in Subsidiaries and Affiliates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:to="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl1" xlink:title="label: PaymentsToAcquireInterestInSubsidiariesAndAffiliates to us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="PlanNameAxis" xlink:title="PlanNameAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PlanNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PlanNameAxis_lbl" xml:lang="en-US" id="us-gaap_PlanNameAxis_lbl">Plan Name [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlanNameAxis" xlink:to="us-gaap_PlanNameAxis_lbl" xlink:title="label: PlanNameAxis to us-gaap_PlanNameAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="PlanNameDomain" xlink:title="PlanNameDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PlanNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PlanNameDomain_lbl" xml:lang="en-US" id="us-gaap_PlanNameDomain_lbl">Plan Name [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlanNameDomain" xlink:to="us-gaap_PlanNameDomain_lbl" xlink:title="label: PlanNameDomain to us-gaap_PlanNameDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:label="PortionAtFairValueFairValueDisclosureMember" xlink:title="PortionAtFairValueFairValueDisclosureMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" xml:lang="en-US" id="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl">Portion at Fair Value Measurement [Member] [Default]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortionAtFairValueFairValueDisclosureMember" xlink:to="us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" xlink:title="label: PortionAtFairValueFairValueDisclosureMember to us-gaap_PortionAtFairValueFairValueDisclosureMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="PrepaidExpenseCurrent" xlink:title="PrepaidExpenseCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PrepaidExpenseCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_PrepaidExpenseCurrent_lbl" xml:lang="en-US" id="us-gaap_PrepaidExpenseCurrent_lbl">Prepaid Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidExpenseCurrent" xlink:to="us-gaap_PrepaidExpenseCurrent_lbl" xlink:title="label: PrepaidExpenseCurrent to us-gaap_PrepaidExpenseCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PrepaidExpenseCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PrepaidExpenseCurrent_lbl1" xml:lang="en-US" id="us-gaap_PrepaidExpenseCurrent_lbl1">Prepaid Expense, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidExpenseCurrent" xlink:to="us-gaap_PrepaidExpenseCurrent_lbl1" xlink:title="label: PrepaidExpenseCurrent to us-gaap_PrepaidExpenseCurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:label="PriorPeriodReclassificationAdjustmentDescription" xlink:title="PriorPeriodReclassificationAdjustmentDescription" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xml:lang="en-US" id="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl">Reclassifications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PriorPeriodReclassificationAdjustmentDescription" xlink:to="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xlink:title="label: PriorPeriodReclassificationAdjustmentDescription to us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment" xlink:label="ProceedsFromSaleOfTradingSecuritiesHeldforinvestment" xlink:title="ProceedsFromSaleOfTradingSecuritiesHeldforinvestment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment_lbl">Proceeds from Sale of Investment Securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSaleOfTradingSecuritiesHeldforinvestment" xlink:to="us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment_lbl" xlink:title="label: ProceedsFromSaleOfTradingSecuritiesHeldforinvestment to us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromBankDebt" xlink:label="ProceedsFromBankDebt" xlink:title="ProceedsFromBankDebt" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromBankDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromBankDebt_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromBankDebt_lbl">Proceeds from Borrowing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromBankDebt" xlink:to="us-gaap_ProceedsFromBankDebt_lbl" xlink:title="label: ProceedsFromBankDebt to us-gaap_ProceedsFromBankDebt_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="ProceedsFromIssuanceOfCommonStock" xlink:title="ProceedsFromIssuanceOfCommonStock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl">Proceeds from Issuance of Common Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:title="label: ProceedsFromIssuanceOfCommonStock to us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl1" xml:lang="en-US" id="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl1">Consideration for shares disposed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl1" xlink:title="label: ProceedsFromIssuanceOfCommonStock to us-gaap_ProceedsFromIssuanceOfCommonStock_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl2" xml:lang="en-US" id="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl2">Proceeds from issuance of common stock</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment" xlink:label="ProceedsFromSaleOfOilAndGasPropertyAndEquipment" xlink:title="ProceedsFromSaleOfOilAndGasPropertyAndEquipment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment_lbl">Sale of Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSaleOfOilAndGasPropertyAndEquipment" xlink:to="us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment_lbl" xlink:title="label: ProceedsFromSaleOfOilAndGasPropertyAndEquipment to us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="PropertyPlantAndEquipmentUsefulLife" xlink:title="PropertyPlantAndEquipmentUsefulLife" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl">Estimated useful life</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentUsefulLife" xlink:to="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xlink:title="label: PropertyPlantAndEquipmentUsefulLife to us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl1" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl1">Estimate useful life of vessel</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentUsefulLife" xlink:to="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl1" xlink:title="label: PropertyPlantAndEquipmentUsefulLife to us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl">Residual value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentSalvageValue" xlink:to="us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl" xlink:title="label: PropertyPlantAndEquipmentSalvageValue to us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl1" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl1">Salvage value of the vessel</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentSalvageValue" xlink:to="us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl1" xlink:title="label: PropertyPlantAndEquipmentSalvageValue to us-gaap_PropertyPlantAndEquipmentSalvageValue_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentAdditions_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentAdditions_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentAdditions_lbl">Additions</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="PropertyPlantAndEquipmentLineItems" xlink:title="PropertyPlantAndEquipmentLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentLineItems_lbl">Schedule of Vessels [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xlink:title="label: PropertyPlantAndEquipmentLineItems to us-gaap_PropertyPlantAndEquipmentLineItems_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentLineItems_lbl1" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentLineItems_lbl1">Property, Plant and Equipment [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentLineItems" xlink:to="us-gaap_PropertyPlantAndEquipmentLineItems_lbl1" xlink:title="label: PropertyPlantAndEquipmentLineItems to us-gaap_PropertyPlantAndEquipmentLineItems_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="PropertyPlantAndEquipmentDisclosureTextBlock" xlink:title="PropertyPlantAndEquipmentDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl">VESSELS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xlink:title="label: PropertyPlantAndEquipmentDisclosureTextBlock to us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl1" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl1">Property, Plant and Equipment Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl1" xlink:title="label: PropertyPlantAndEquipmentDisclosureTextBlock to us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisposals" xlink:label="PropertyPlantAndEquipmentDisposals" xlink:title="PropertyPlantAndEquipmentDisposals" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentDisposals_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PropertyPlantAndEquipmentDisposals_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentDisposals_lbl">Disposals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentDisposals" xlink:to="us-gaap_PropertyPlantAndEquipmentDisposals_lbl" xlink:title="label: PropertyPlantAndEquipmentDisposals to us-gaap_PropertyPlantAndEquipmentDisposals_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentDisposals_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentDisposals_lbl1" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentDisposals_lbl1">Property, Plant and Equipment, Disposals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentDisposals" xlink:to="us-gaap_PropertyPlantAndEquipmentDisposals_lbl1" xlink:title="label: PropertyPlantAndEquipmentDisposals to us-gaap_PropertyPlantAndEquipmentDisposals_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="PropertyPlantAndEquipmentAbstract" xlink:title="PropertyPlantAndEquipmentAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentAbstract_lbl">VESSELS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentAbstract" xlink:to="us-gaap_PropertyPlantAndEquipmentAbstract_lbl" xlink:title="label: PropertyPlantAndEquipmentAbstract to us-gaap_PropertyPlantAndEquipmentAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PropertyPlantAndEquipmentAbstract_lbl1" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentAbstract_lbl1">Vessels [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentAbstract" xlink:to="us-gaap_PropertyPlantAndEquipmentAbstract_lbl1" xlink:title="label: PropertyPlantAndEquipmentAbstract to us-gaap_PropertyPlantAndEquipmentAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="PropertyPlantAndEquipmentByTypeAxis" xlink:title="PropertyPlantAndEquipmentByTypeAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl">Property by Vessel or Other Equipment [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:title="label: PropertyPlantAndEquipmentByTypeAxis to us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="PropertyPlantAndEquipmentTypeDomain" xlink:title="PropertyPlantAndEquipmentTypeDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl">Property Type, Vessel [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentTypeDomain" xlink:to="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xlink:title="label: PropertyPlantAndEquipmentTypeDomain to us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentImpairment" xlink:label="PropertyPlantAndEquipmentImpairment" xlink:title="PropertyPlantAndEquipmentImpairment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentImpairment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentImpairment_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentImpairment_lbl">Impairment of Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentImpairment" xlink:to="us-gaap_PropertyPlantAndEquipmentImpairment_lbl" xlink:title="label: PropertyPlantAndEquipmentImpairment to us-gaap_PropertyPlantAndEquipmentImpairment_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="PropertyPlantAndEquipmentNet" xlink:title="PropertyPlantAndEquipmentNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentNet_lbl">Fixture, Furniture and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:title="label: PropertyPlantAndEquipmentNet to us-gaap_PropertyPlantAndEquipmentNet_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="PropertyPlantAndEquipmentPolicyTextBlock" xlink:title="PropertyPlantAndEquipmentPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl">Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xlink:title="label: PropertyPlantAndEquipmentPolicyTextBlock to us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:label="PropertyPlantAndEquipmentNetAbstract" xlink:title="PropertyPlantAndEquipmentNetAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl">Vessels [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentNetAbstract" xlink:to="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl" xlink:title="label: PropertyPlantAndEquipmentNetAbstract to us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl1" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl1">Property, Plant and Equipment, Net [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentNetAbstract" xlink:to="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl1" xlink:title="label: PropertyPlantAndEquipmentNetAbstract to us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RightsMember" xlink:label="RightsMember" xlink:title="RightsMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RightsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RightsMember_lbl" xml:lang="en-US" id="us-gaap_RightsMember_lbl">Shareholders' Rights Agreement [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightsMember" xlink:to="us-gaap_RightsMember_lbl" xlink:title="label: RightsMember to us-gaap_RightsMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="RelatedPartyTransactionsAbstract" xlink:title="RelatedPartyTransactionsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionsAbstract_lbl">RELATED PARTY TRANSACTIONS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:title="label: RelatedPartyTransactionsAbstract to us-gaap_RelatedPartyTransactionsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="RelatedPartyTransactionLineItems" xlink:title="RelatedPartyTransactionLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionLineItems_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionLineItems_lbl">Related Party Transaction [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionLineItems" xlink:to="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:title="label: RelatedPartyTransactionLineItems to us-gaap_RelatedPartyTransactionLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="RelatedPartyTransactionsByRelatedPartyAxis" xlink:title="RelatedPartyTransactionsByRelatedPartyAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl">Related Party [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:title="label: RelatedPartyTransactionsByRelatedPartyAxis to us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="RelatedPartyTransactionsDisclosureTextBlock" xlink:title="RelatedPartyTransactionsDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl">RELATED PARTY TRANSACTIONS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:title="label: RelatedPartyTransactionsDisclosureTextBlock to us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1">Related Party Transactions Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1" xlink:title="label: RelatedPartyTransactionsDisclosureTextBlock to us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="RelatedPartyDomain" xlink:title="RelatedPartyDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyDomain_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyDomain_lbl">Related Party [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyDomain" xlink:to="us-gaap_RelatedPartyDomain_lbl" xlink:title="label: RelatedPartyDomain to us-gaap_RelatedPartyDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RelatedPartyTransactionDueFromToRelatedParty" xlink:label="RelatedPartyTransactionDueFromToRelatedParty" xlink:title="RelatedPartyTransactionDueFromToRelatedParty" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionDueFromToRelatedParty_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionDueFromToRelatedParty_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionDueFromToRelatedParty_lbl">Receivables from related party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionDueFromToRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionDueFromToRelatedParty_lbl" xlink:title="label: RelatedPartyTransactionDueFromToRelatedParty to us-gaap_RelatedPartyTransactionDueFromToRelatedParty_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="RepaymentsOfLongTermDebt" xlink:title="RepaymentsOfLongTermDebt" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US" id="us-gaap_RepaymentsOfLongTermDebt_lbl">Repayment of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:title="label: RepaymentsOfLongTermDebt to us-gaap_RepaymentsOfLongTermDebt_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit" xlink:label="RepaymentsOfLinesOfCredit" xlink:title="RepaymentsOfLinesOfCredit" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_RepaymentsOfLinesOfCredit_lbl" xml:lang="en-US" id="us-gaap_RepaymentsOfLinesOfCredit_lbl">Repayments on Credit Facility</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfLinesOfCredit" xlink:to="us-gaap_RepaymentsOfLinesOfCredit_lbl" xlink:title="label: RepaymentsOfLinesOfCredit to us-gaap_RepaymentsOfLinesOfCredit_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLinesOfCredit_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RepaymentsOfLinesOfCredit_lbl1" xml:lang="en-US" id="us-gaap_RepaymentsOfLinesOfCredit_lbl1">Repayments of Lines of Credit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfLinesOfCredit" xlink:to="us-gaap_RepaymentsOfLinesOfCredit_lbl1" xlink:title="label: RepaymentsOfLinesOfCredit to us-gaap_RepaymentsOfLinesOfCredit_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl">Equity Award [Domain]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl1">Award Type [Domain]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl">Share Based Compensation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xlink:title="label: ShareBasedCompensationOptionAndIncentivePlansPolicy to us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_SharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_SharesIssued_lbl" xml:lang="en-US" id="us-gaap_SharesIssued_lbl">Shares issued (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesIssued" xlink:to="us-gaap_SharesIssued_lbl" xlink:title="label: SharesIssued to us-gaap_SharesIssued_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharesIssued_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SharesIssued_lbl1" xml:lang="en-US" id="us-gaap_SharesIssued_lbl1">Shares, Issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesIssued" xlink:to="us-gaap_SharesIssued_lbl1" xlink:title="label: SharesIssued to us-gaap_SharesIssued_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="SharesOutstanding" xlink:title="SharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_SharesOutstanding_lbl" xml:lang="en-US" id="us-gaap_SharesOutstanding_lbl">Balance (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl" xlink:title="label: SharesOutstanding to us-gaap_SharesOutstanding_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharesOutstanding_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_SharesOutstanding_lbl1" xml:lang="en-US" id="us-gaap_SharesOutstanding_lbl1">Balance (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl1" xlink:title="label: SharesOutstanding to us-gaap_SharesOutstanding_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharesOutstanding_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SharesOutstanding_lbl2" xml:lang="en-US" id="us-gaap_SharesOutstanding_lbl2">Shares, Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl2" xlink:title="label: SharesOutstanding to us-gaap_SharesOutstanding_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="SignificantAccountingPoliciesTextBlock" xlink:title="SignificantAccountingPoliciesTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US" id="us-gaap_SignificantAccountingPoliciesTextBlock_lbl">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:title="label: SignificantAccountingPoliciesTextBlock to us-gaap_SignificantAccountingPoliciesTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SignificantAccountingPoliciesTextBlock_lbl1" xml:lang="en-US" id="us-gaap_SignificantAccountingPoliciesTextBlock_lbl1">Significant Accounting Policies [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl1" xlink:title="label: SignificantAccountingPoliciesTextBlock to us-gaap_SignificantAccountingPoliciesTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US" id="us-gaap_StatementOfFinancialPositionAbstract_lbl">CONSOLIDATED BALANCE SHEETS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:title="label: StatementOfFinancialPositionAbstract to us-gaap_StatementOfFinancialPositionAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:title="StatementOfIncomeAndComprehensiveIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xml:lang="en-US" id="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl">CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xlink:title="label: StatementOfIncomeAndComprehensiveIncomeAbstract to us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="StatementEquityComponentsAxis" xlink:title="StatementEquityComponentsAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US" id="us-gaap_StatementEquityComponentsAxis_lbl">Equity Components [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementLineItems_lbl" xml:lang="en-US" id="us-gaap_StatementLineItems_lbl">Statement [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:title="label: StatementLineItems to us-gaap_StatementLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementTable_lbl" xml:lang="en-US" id="us-gaap_StatementTable_lbl">Statement [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:title="label: StatementTable to us-gaap_StatementTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="StatementOfCashFlowsAbstract" xlink:title="StatementOfCashFlowsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US" id="us-gaap_StatementOfCashFlowsAbstract_lbl">CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:title="label: StatementOfCashFlowsAbstract to us-gaap_StatementOfCashFlowsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="StatementOfStockholdersEquityAbstract" xlink:title="StatementOfStockholdersEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US" id="us-gaap_StatementOfStockholdersEquityAbstract_lbl">CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:title="label: StatementOfStockholdersEquityAbstract to us-gaap_StatementOfStockholdersEquityAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:label="StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:title="StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_lbl" xml:lang="en-US" id="us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_lbl">Share authorized to be repurchased (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:to="us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_lbl" xlink:title="label: StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased to us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueOther" xlink:label="StockIssuedDuringPeriodValueOther" xlink:title="StockIssuedDuringPeriodValueOther" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueOther_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodValueOther_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueOther_lbl">Shares issued value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueOther" xlink:to="us-gaap_StockIssuedDuringPeriodValueOther_lbl" xlink:title="label: StockIssuedDuringPeriodValueOther to us-gaap_StockIssuedDuringPeriodValueOther_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueOther_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodValueOther_lbl1" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueOther_lbl1">Stock Issued During Period, Value, Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueOther" xlink:to="us-gaap_StockIssuedDuringPeriodValueOther_lbl1" xlink:title="label: StockIssuedDuringPeriodValueOther to us-gaap_StockIssuedDuringPeriodValueOther_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="StockIssuedDuringPeriodSharesNewIssues" xlink:title="StockIssuedDuringPeriodSharesNewIssues" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl">Shares issued (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:title="label: StockIssuedDuringPeriodSharesNewIssues to us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl1" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl1">Common Shares Issued, net of issuance cost (in shares)</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:to="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl" xlink:title="label: StockIssuedDuringPeriodSharesShareBasedCompensationGross to us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:to="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl1" xlink:title="label: StockIssuedDuringPeriodSharesShareBasedCompensationGross to us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl">Share based compensation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xlink:title="label: StockIssuedDuringPeriodValueShareBasedCompensation to us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl1" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl1">Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl1" xlink:title="label: StockIssuedDuringPeriodValueShareBasedCompensation to us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl">SHAREHOLDERS' EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:title="label: StockholdersEquityNoteDisclosureTextBlock to us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl1" xlink:title="label: StockholdersEquityNoteDisclosureTextBlock to us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockholdersEquityPeriodIncreaseDecrease" xlink:label="StockholdersEquityPeriodIncreaseDecrease" xlink:title="StockholdersEquityPeriodIncreaseDecrease" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityPeriodIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquityPeriodIncreaseDecrease_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquityPeriodIncreaseDecrease_lbl">Contribution to surplus account</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_StockholdersEquity_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquity_lbl">Total Shareholders' Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:title="label: StockholdersEquity to us-gaap_StockholdersEquity_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_StockholdersEquity_lbl1" xml:lang="en-US" id="us-gaap_StockholdersEquity_lbl1">Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl1" xlink:title="label: StockholdersEquity to us-gaap_StockholdersEquity_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_StockholdersEquity_lbl2" xml:lang="en-US" id="us-gaap_StockholdersEquity_lbl2">Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl2" xlink:title="label: StockholdersEquity to us-gaap_StockholdersEquity_lbl2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl3" xlink:title="label: StockholdersEquity to us-gaap_StockholdersEquity_lbl3" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquity_lbl4" xml:lang="en-US" id="us-gaap_StockholdersEquity_lbl4">Stockholders' Equity Attributable to Parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl4" xlink:title="label: StockholdersEquity to us-gaap_StockholdersEquity_lbl4" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityNoteAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquityNoteAbstract_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquityNoteAbstract_lbl">SHAREHOLDERS' EQUITY [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityNoteAbstract" xlink:to="us-gaap_StockholdersEquityNoteAbstract_lbl" xlink:title="label: StockholdersEquityNoteAbstract to us-gaap_StockholdersEquityNoteAbstract_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventTable_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventTable_lbl">Subsequent Event [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventTable" xlink:to="us-gaap_SubsequentEventTable_lbl" xlink:title="label: SubsequentEventTable to us-gaap_SubsequentEventTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="SubsequentEventMember" xlink:title="SubsequentEventMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventMember_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventMember_lbl">Subsequent Event [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl" xlink:title="label: SubsequentEventMember to us-gaap_SubsequentEventMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_SubsequentEventMember_lbl1" xml:lang="en-US" id="us-gaap_SubsequentEventMember_lbl1">Subsequent Event [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl1" xlink:title="label: SubsequentEventMember to us-gaap_SubsequentEventMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="SubsequentEventTypeDomain" xlink:title="SubsequentEventTypeDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventTypeDomain_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventTypeDomain_lbl">Subsequent Event Type [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventTypeDomain" xlink:to="us-gaap_SubsequentEventTypeDomain_lbl" xlink:title="label: SubsequentEventTypeDomain to us-gaap_SubsequentEventTypeDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="SubsequentEventLineItems" xlink:title="SubsequentEventLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventLineItems_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventLineItems_lbl">Subsequent Event [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventLineItems" xlink:to="us-gaap_SubsequentEventLineItems_lbl" xlink:title="label: SubsequentEventLineItems to us-gaap_SubsequentEventLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="SubsequentEventsAbstract" xlink:title="SubsequentEventsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventsAbstract_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventsAbstract_lbl">SUBSEQUENT EVENTS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventsAbstract" xlink:to="us-gaap_SubsequentEventsAbstract_lbl" xlink:title="label: SubsequentEventsAbstract to us-gaap_SubsequentEventsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="SubsequentEventTypeAxis" xlink:title="SubsequentEventTypeAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventTypeAxis_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventTypeAxis_lbl">Subsequent Event Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeAxis_lbl" xlink:title="label: SubsequentEventTypeAxis to us-gaap_SubsequentEventTypeAxis_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_SubsidiarySaleOfStockLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsidiarySaleOfStockLineItems_lbl" xml:lang="en-US" id="us-gaap_SubsidiarySaleOfStockLineItems_lbl">Subsidiary, Sale of Stock [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiarySaleOfStockLineItems" xlink:to="us-gaap_SubsidiarySaleOfStockLineItems_lbl" xlink:title="label: SubsidiarySaleOfStockLineItems to us-gaap_SubsidiarySaleOfStockLineItems_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiaryOrEquityMethodInvesteeSaleOfStockBySubsidiaryOrEquityInvesteeTable" xlink:to="us-gaap_SubsidiaryOrEquityMethodInvesteeSaleOfStockBySubsidiaryOrEquityInvesteeTable_lbl" xlink:title="label: SubsidiaryOrEquityMethodInvesteeSaleOfStockBySubsidiaryOrEquityInvesteeTable to us-gaap_SubsidiaryOrEquityMethodInvesteeSaleOfStockBySubsidiaryOrEquityInvesteeTable_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xlink:title="label: SupplementalCashFlowInformationAbstract to us-gaap_SupplementalCashFlowInformationAbstract_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockMember" xlink:to="us-gaap_TreasuryStockMember_lbl" xlink:title="label: TreasuryStockMember to us-gaap_TreasuryStockMember_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypeOfAdoptionMember" xlink:to="us-gaap_TypeOfAdoptionMember_lbl" xlink:title="label: TypeOfAdoptionMember to us-gaap_TypeOfAdoptionMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_UnbilledReceivablesCurrent" xlink:label="UnbilledReceivablesCurrent" xlink:title="UnbilledReceivablesCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_UnbilledReceivablesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_UnbilledReceivablesCurrent_lbl" xml:lang="en-US" id="us-gaap_UnbilledReceivablesCurrent_lbl">Voyages in Progress</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnbilledReceivablesCurrent" xlink:to="us-gaap_UnbilledReceivablesCurrent_lbl" xlink:title="label: UnbilledReceivablesCurrent to us-gaap_UnbilledReceivablesCurrent_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="UseOfEstimates" xlink:title="UseOfEstimates" />
    <link:label xlink:type="resource" xlink:label="us-gaap_UseOfEstimates_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_UseOfEstimates_lbl" xml:lang="en-US" id="us-gaap_UseOfEstimates_lbl">Use of Estimates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UseOfEstimates" xlink:to="us-gaap_UseOfEstimates_lbl" xlink:title="label: UseOfEstimates to us-gaap_UseOfEstimates_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_VestingAxis" xlink:label="VestingAxis" xlink:title="VestingAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_VestingAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_VestingAxis_lbl" xml:lang="en-US" id="us-gaap_VestingAxis_lbl">Vesting [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VestingAxis" xlink:to="us-gaap_VestingAxis_lbl" xlink:title="label: VestingAxis to us-gaap_VestingAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_VestingDomain" xlink:label="VestingDomain" xlink:title="VestingDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_VestingDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_VestingDomain_lbl" xml:lang="en-US" id="us-gaap_VestingDomain_lbl">Vesting [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VestingDomain" xlink:to="us-gaap_VestingDomain_lbl" xlink:title="label: VestingDomain to us-gaap_VestingDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:title="WeightedAverageNumberOfShareOutstandingBasicAndDiluted" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl">Basic and Diluted Average Number of Common Shares Outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xlink:title="label: WeightedAverageNumberOfShareOutstandingBasicAndDiluted to us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl1" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl1">Weighted Average Number of Shares Outstanding, Basic and Diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl1" xlink:title="label: WeightedAverageNumberOfShareOutstandingBasicAndDiluted to us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="WeightedAverageNumberOfSharesOutstandingBasic" xlink:title="WeightedAverageNumberOfSharesOutstandingBasic" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl">Basic - Weighted Average Common Shares Outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:title="label: WeightedAverageNumberOfSharesOutstandingBasic to us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:title="WeightedAverageNumberOfDilutedSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl">Dilutive - Weighted Average Common Shares Outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:title="label: WeightedAverageNumberOfDilutedSharesOutstanding to us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1">Weighted Average Number of Shares Outstanding, Diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" xlink:title="label: WeightedAverageNumberOfDilutedSharesOutstanding to us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:title="WeightedAverageNumberOfSharesOutstandingAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl">Denominator [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xlink:title="label: WeightedAverageNumberOfSharesOutstandingAbstract to us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl1" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl1">Weighted Average Number of Shares Outstanding, Diluted [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl1" xlink:title="label: WeightedAverageNumberOfSharesOutstandingAbstract to us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ChiefExecutiveOfficerMember" xlink:label="ChiefExecutiveOfficerMember" xlink:title="ChiefExecutiveOfficerMember" />
    <link:label xlink:type="resource" xlink:label="srt_ChiefExecutiveOfficerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="srt_ChiefExecutiveOfficerMember_lbl" xml:lang="en-US" id="srt_ChiefExecutiveOfficerMember_lbl">Chairman, President and CEO [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChiefExecutiveOfficerMember" xlink:to="srt_ChiefExecutiveOfficerMember_lbl" xlink:title="label: ChiefExecutiveOfficerMember to srt_ChiefExecutiveOfficerMember_lbl" />
    <link:label xlink:type="resource" xlink:label="srt_ChiefExecutiveOfficerMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_ChiefExecutiveOfficerMember_lbl1" xml:lang="en-US" id="srt_ChiefExecutiveOfficerMember_lbl1">Chief Executive Officer [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChiefExecutiveOfficerMember" xlink:to="srt_ChiefExecutiveOfficerMember_lbl1" xlink:title="label: ChiefExecutiveOfficerMember to srt_ChiefExecutiveOfficerMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_DirectorMember" xlink:label="DirectorMember" xlink:title="DirectorMember" />
    <link:label xlink:type="resource" xlink:label="srt_DirectorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_DirectorMember_lbl" xml:lang="en-US" id="srt_DirectorMember_lbl">Board Member [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectorMember" xlink:to="srt_DirectorMember_lbl" xlink:title="label: DirectorMember to srt_DirectorMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_MajorCustomersAxis" xlink:label="MajorCustomersAxis" xlink:title="MajorCustomersAxis" />
    <link:label xlink:type="resource" xlink:label="srt_MajorCustomersAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_MajorCustomersAxis_lbl" xml:lang="en-US" id="srt_MajorCustomersAxis_lbl">Customer [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorCustomersAxis" xlink:to="srt_MajorCustomersAxis_lbl" xlink:title="label: MajorCustomersAxis to srt_MajorCustomersAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_MaximumMember" xlink:label="MaximumMember" xlink:title="MaximumMember" />
    <link:label xlink:type="resource" xlink:label="srt_MaximumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_MaximumMember_lbl" xml:lang="en-US" id="srt_MaximumMember_lbl">Maximum [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMember" xlink:to="srt_MaximumMember_lbl" xlink:title="label: MaximumMember to srt_MaximumMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_MinimumMember" xlink:label="MinimumMember" xlink:title="MinimumMember" />
    <link:label xlink:type="resource" xlink:label="srt_MinimumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_MinimumMember_lbl" xml:lang="en-US" id="srt_MinimumMember_lbl">Minimum [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumMember" xlink:to="srt_MinimumMember_lbl" xlink:title="label: MinimumMember to srt_MinimumMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_NameOfMajorCustomerDomain" xlink:label="NameOfMajorCustomerDomain" xlink:title="NameOfMajorCustomerDomain" />
    <link:label xlink:type="resource" xlink:label="srt_NameOfMajorCustomerDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_NameOfMajorCustomerDomain_lbl" xml:lang="en-US" id="srt_NameOfMajorCustomerDomain_lbl">Customer [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NameOfMajorCustomerDomain" xlink:to="srt_NameOfMajorCustomerDomain_lbl" xlink:title="label: NameOfMajorCustomerDomain to srt_NameOfMajorCustomerDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ProductsAndServicesDomain" xlink:label="ProductsAndServicesDomain" xlink:title="ProductsAndServicesDomain" />
    <link:label xlink:type="resource" xlink:label="srt_ProductsAndServicesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_ProductsAndServicesDomain_lbl" xml:lang="en-US" id="srt_ProductsAndServicesDomain_lbl">Product and Service [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesDomain" xlink:to="srt_ProductsAndServicesDomain_lbl" xlink:title="label: ProductsAndServicesDomain to srt_ProductsAndServicesDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ProductOrServiceAxis" xlink:label="ProductOrServiceAxis" xlink:title="ProductOrServiceAxis" />
    <link:label xlink:type="resource" xlink:label="srt_ProductOrServiceAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_ProductOrServiceAxis_lbl" xml:lang="en-US" id="srt_ProductOrServiceAxis_lbl">Product and Service [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductOrServiceAxis" xlink:to="srt_ProductOrServiceAxis_lbl" xlink:title="label: ProductOrServiceAxis to srt_ProductOrServiceAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_RangeMember" xlink:label="RangeMember" xlink:title="RangeMember" />
    <link:label xlink:type="resource" xlink:label="srt_RangeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="srt_RangeMember_lbl" xml:lang="en-US" id="srt_RangeMember_lbl">Statistical Measurement [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeMember" xlink:to="srt_RangeMember_lbl" xlink:title="label: RangeMember to srt_RangeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="srt_RangeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_RangeMember_lbl1" xml:lang="en-US" id="srt_RangeMember_lbl1">Range [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeMember" xlink:to="srt_RangeMember_lbl1" xlink:title="label: RangeMember to srt_RangeMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis" />
    <link:label xlink:type="resource" xlink:label="srt_RangeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_RangeAxis_lbl" xml:lang="en-US" id="srt_RangeAxis_lbl">Statistical Measurement [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeAxis" xlink:to="srt_RangeAxis_lbl" xlink:title="label: RangeAxis to srt_RangeAxis_lbl" />
    <link:label xlink:type="resource" xlink:label="srt_RangeAxis_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="srt_RangeAxis_lbl1" xml:lang="en-US" id="srt_RangeAxis_lbl1">Range [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeAxis" xlink:to="srt_RangeAxis_lbl1" xlink:title="label: RangeAxis to srt_RangeAxis_lbl1" />
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    <link:label xlink:type="resource" xlink:label="srt_ScenarioUnspecifiedDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US" id="srt_ScenarioUnspecifiedDomain_lbl">Scenario, Unspecified [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioUnspecifiedDomain" xlink:to="srt_ScenarioUnspecifiedDomain_lbl" xlink:title="label: ScenarioUnspecifiedDomain to srt_ScenarioUnspecifiedDomain_lbl" />
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    <link:label xlink:type="resource" xlink:label="srt_ScenarioForecastMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_ScenarioForecastMember_lbl" xml:lang="en-US" id="srt_ScenarioForecastMember_lbl">Forecast [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioForecastMember" xlink:to="srt_ScenarioForecastMember_lbl" xlink:title="label: ScenarioForecastMember to srt_ScenarioForecastMember_lbl" />
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    <link:label xlink:type="resource" xlink:label="srt_StatementScenarioAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_StatementScenarioAxis_lbl" xml:lang="en-US" id="srt_StatementScenarioAxis_lbl">Scenario [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementScenarioAxis" xlink:to="srt_StatementScenarioAxis_lbl" xlink:title="label: StatementScenarioAxis to srt_StatementScenarioAxis_lbl" />
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    <link:label xlink:type="resource" xlink:label="srt_TitleOfIndividualWithRelationshipToEntityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_TitleOfIndividualWithRelationshipToEntityDomain_lbl" xml:lang="en-US" id="srt_TitleOfIndividualWithRelationshipToEntityDomain_lbl">Relationship to Entity [Domain]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_TitleOfIndividualAxis" xlink:label="TitleOfIndividualAxis" xlink:title="TitleOfIndividualAxis" />
    <link:label xlink:type="resource" xlink:label="srt_TitleOfIndividualAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="srt_TitleOfIndividualAxis_lbl" xml:lang="en-US" id="srt_TitleOfIndividualAxis_lbl">Title of Individual [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TitleOfIndividualAxis" xlink:to="srt_TitleOfIndividualAxis_lbl" xlink:title="label: TitleOfIndividualAxis to srt_TitleOfIndividualAxis_lbl" />
    <link:label xlink:type="resource" xlink:label="srt_TitleOfIndividualAxis_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_TitleOfIndividualAxis_lbl1" xml:lang="en-US" id="srt_TitleOfIndividualAxis_lbl1">Title of Individual [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TitleOfIndividualAxis" xlink:to="srt_TitleOfIndividualAxis_lbl1" xlink:title="label: TitleOfIndividualAxis to srt_TitleOfIndividualAxis_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_LiquidityOutlookAbstract" xlink:label="LiquidityOutlookAbstract" xlink:title="LiquidityOutlookAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_LiquidityOutlookAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_LiquidityOutlookAbstract_lbl1" xml:lang="en-US" id="nat_LiquidityOutlookAbstract_lbl1">Liquidity Outlook [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidityOutlookAbstract" xlink:to="nat_LiquidityOutlookAbstract_lbl1" xlink:title="label: LiquidityOutlookAbstract to nat_LiquidityOutlookAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_LiquidityOutlookAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_LiquidityOutlookAbstract_lbl2" xml:lang="en-US" id="nat_LiquidityOutlookAbstract_lbl2">Liquidity Outlook [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidityOutlookAbstract" xlink:to="nat_LiquidityOutlookAbstract_lbl2" xlink:title="label: LiquidityOutlookAbstract to nat_LiquidityOutlookAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses" xlink:label="AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses" xlink:title="AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses" />
    <link:label xlink:type="resource" xlink:label="nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl" xml:lang="en-US" id="nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl">The Company has launched an At-the-Market Offering program refers to gross amount after deducting sales commissions and other fees and expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses" xlink:to="nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl" xlink:title="label: AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses to nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl1" xml:lang="en-US" id="nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl1">At-the-Market Offering,Gross Amount After Deducting Sales Commissions and Other Fees and Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses" xlink:to="nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl1" xlink:title="label: AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses to nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl2" xml:lang="en-US" id="nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl2">Gross amount after deducting sales commissions and other fees and expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses" xlink:to="nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl2" xlink:title="label: AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses to nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses" xlink:label="AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses" xlink:title="AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses" />
    <link:label xlink:type="resource" xlink:label="nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl" xml:lang="en-US" id="nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl">The Company has launched an At-the-Market Offering program refers to net amount after deducting sales commissions and other fees and expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses" xlink:to="nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl" xlink:title="label: AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses to nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl1" xml:lang="en-US" id="nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl1">At-the-Market Offering, Net Amount After Deducting Sales Commissions and Other Fees and Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses" xlink:to="nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl1" xlink:title="label: AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses to nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl2" xml:lang="en-US" id="nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl2">Net amount after deducting sales commissions and other fees and expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses" xlink:to="nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl2" xlink:title="label: AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses to nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_AtTheMarketOfferingOfCommonStock" xlink:label="AtTheMarketOfferingOfCommonStock" xlink:title="AtTheMarketOfferingOfCommonStock" />
    <link:label xlink:type="resource" xlink:label="nat_AtTheMarketOfferingOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AtTheMarketOfferingOfCommonStock_lbl" xml:lang="en-US" id="nat_AtTheMarketOfferingOfCommonStock_lbl">The Company has launched an At-the-Market Offering of our common stock and believes that the current cash and cash equivalents and cash expected to be generated from operations are sufficient to meet the working capital needs and other liquidity requirements for the next 12 months.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AtTheMarketOfferingOfCommonStock" xlink:to="nat_AtTheMarketOfferingOfCommonStock_lbl" xlink:title="label: AtTheMarketOfferingOfCommonStock to nat_AtTheMarketOfferingOfCommonStock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AtTheMarketOfferingOfCommonStock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AtTheMarketOfferingOfCommonStock_lbl1" xml:lang="en-US" id="nat_AtTheMarketOfferingOfCommonStock_lbl1">At-the-market Offering of Common Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AtTheMarketOfferingOfCommonStock" xlink:to="nat_AtTheMarketOfferingOfCommonStock_lbl1" xlink:title="label: AtTheMarketOfferingOfCommonStock to nat_AtTheMarketOfferingOfCommonStock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AtTheMarketOfferingOfCommonStock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AtTheMarketOfferingOfCommonStock_lbl2" xml:lang="en-US" id="nat_AtTheMarketOfferingOfCommonStock_lbl2">At-the-market Offering of Common Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AtTheMarketOfferingOfCommonStock" xlink:to="nat_AtTheMarketOfferingOfCommonStock_lbl2" xlink:title="label: AtTheMarketOfferingOfCommonStock to nat_AtTheMarketOfferingOfCommonStock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold" xlink:label="AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold" xlink:title="AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold" />
    <link:label xlink:type="resource" xlink:label="nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl" xml:lang="en-US" id="nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl">The Company has launched an At-the-Market Offering of our common stock and number of new stock issued and sold during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold" xlink:to="nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl" xlink:title="label: AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold to nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl1" xml:lang="en-US" id="nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl1">At-the-market Offering, Stock Issued During Period, New Shares Issued, Sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold" xlink:to="nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl1" xlink:title="label: AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold to nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl2" xml:lang="en-US" id="nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl2">Common shares issued and sold (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold" xlink:to="nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl2" xlink:title="label: AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold to nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_TermOfBareboatCharterAgreement" xlink:label="TermOfBareboatCharterAgreement" xlink:title="TermOfBareboatCharterAgreement" />
    <link:label xlink:type="resource" xlink:label="nat_TermOfBareboatCharterAgreement_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_TermOfBareboatCharterAgreement_lbl" xml:lang="en-US" id="nat_TermOfBareboatCharterAgreement_lbl">Term of bareboat charter agreement the Company will enter into with the Lessor.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfBareboatCharterAgreement" xlink:to="nat_TermOfBareboatCharterAgreement_lbl" xlink:title="label: TermOfBareboatCharterAgreement to nat_TermOfBareboatCharterAgreement_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_TermOfBareboatCharterAgreement_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_TermOfBareboatCharterAgreement_lbl1" xml:lang="en-US" id="nat_TermOfBareboatCharterAgreement_lbl1">Term of bareboat charter agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfBareboatCharterAgreement" xlink:to="nat_TermOfBareboatCharterAgreement_lbl1" xlink:title="label: TermOfBareboatCharterAgreement to nat_TermOfBareboatCharterAgreement_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_AmountOfExcessCashFlowPaymentRelatedToEarnings" xlink:label="AmountOfExcessCashFlowPaymentRelatedToEarnings" xlink:title="AmountOfExcessCashFlowPaymentRelatedToEarnings" />
    <link:label xlink:type="resource" xlink:label="nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl" xml:lang="en-US" id="nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl">This element represents amount of excess cash flow payment related to earnings generated in fourth quarter of 2019.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfExcessCashFlowPaymentRelatedToEarnings" xlink:to="nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl" xlink:title="label: AmountOfExcessCashFlowPaymentRelatedToEarnings to nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl1" xml:lang="en-US" id="nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl1">Amount of Excess Cash Flow Payment Related to Earnings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfExcessCashFlowPaymentRelatedToEarnings" xlink:to="nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl1" xlink:title="label: AmountOfExcessCashFlowPaymentRelatedToEarnings to nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl2" xml:lang="en-US" id="nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl2">Amount of excess cash flow payment related to earnings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfExcessCashFlowPaymentRelatedToEarnings" xlink:to="nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl2" xlink:title="label: AmountOfExcessCashFlowPaymentRelatedToEarnings to nat_AmountOfExcessCashFlowPaymentRelatedToEarnings_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_MinimumValueAdjustedEquityRatio" xlink:label="MinimumValueAdjustedEquityRatio" xlink:title="MinimumValueAdjustedEquityRatio" />
    <link:label xlink:type="resource" xlink:label="nat_MinimumValueAdjustedEquityRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_MinimumValueAdjustedEquityRatio_lbl" xml:lang="en-US" id="nat_MinimumValueAdjustedEquityRatio_lbl">Refers to the minimum value of adjusted equity ratio under the financing agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumValueAdjustedEquityRatio" xlink:to="nat_MinimumValueAdjustedEquityRatio_lbl" xlink:title="label: MinimumValueAdjustedEquityRatio to nat_MinimumValueAdjustedEquityRatio_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_MinimumValueAdjustedEquityRatio_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_MinimumValueAdjustedEquityRatio_lbl1" xml:lang="en-US" id="nat_MinimumValueAdjustedEquityRatio_lbl1">Minimum value adjusted equity ratio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumValueAdjustedEquityRatio" xlink:to="nat_MinimumValueAdjustedEquityRatio_lbl1" xlink:title="label: MinimumValueAdjustedEquityRatio to nat_MinimumValueAdjustedEquityRatio_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels" xlink:label="DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels" xlink:title="DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels" />
    <link:label xlink:type="resource" xlink:label="nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl" xml:lang="en-US" id="nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl">The agreement contains a discretionary excess cash mechanism for the lender that equals to the net earnings from the collateral vessels, less capex provision and amortization.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels" xlink:to="nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl" xlink:title="label: DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels to nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl1" xml:lang="en-US" id="nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl1">Discretionary Excess Cash Mechanism for the Lender that Equals to Net Earnings from Collateral Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels" xlink:to="nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl1" xlink:title="label: DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels to nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl2" xml:lang="en-US" id="nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl2">Discretionary excess cash mechanism for the lender that equals to net earnings from collateral vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels" xlink:to="nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl2" xlink:title="label: DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels to nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DebtCovenantsPercentageInLoanToVesselRatio" xlink:label="DebtCovenantsPercentageInLoanToVesselRatio" xlink:title="DebtCovenantsPercentageInLoanToVesselRatio" />
    <link:label xlink:type="resource" xlink:label="nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl" xml:lang="en-US" id="nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl">Percentage contains covenants that requires a maximum in loan-to-vessel value ratio.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtCovenantsPercentageInLoanToVesselRatio" xlink:to="nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl" xlink:title="label: DebtCovenantsPercentageInLoanToVesselRatio to nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl1" xml:lang="en-US" id="nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl1">Debt Covenants Percentage in Loan-to-vessel Ratio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtCovenantsPercentageInLoanToVesselRatio" xlink:to="nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl1" xlink:title="label: DebtCovenantsPercentageInLoanToVesselRatio to nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl2" xml:lang="en-US" id="nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl2">Debt covenants percentage in loan-to-vessel ratio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtCovenantsPercentageInLoanToVesselRatio" xlink:to="nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl2" xlink:title="label: DebtCovenantsPercentageInLoanToVesselRatio to nat_DebtCovenantsPercentageInLoanToVesselRatio_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NumberOfNewBuildings" xlink:label="NumberOfNewBuildings" xlink:title="NumberOfNewBuildings" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfNewBuildings_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfNewBuildings_lbl" xml:lang="en-US" id="nat_NumberOfNewBuildings_lbl">Refers to be number of new buildings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfNewBuildings" xlink:to="nat_NumberOfNewBuildings_lbl" xlink:title="label: NumberOfNewBuildings to nat_NumberOfNewBuildings_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfNewBuildings_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfNewBuildings_lbl1" xml:lang="en-US" id="nat_NumberOfNewBuildings_lbl1">Number of new buildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfNewBuildings" xlink:to="nat_NumberOfNewBuildings_lbl1" xlink:title="label: NumberOfNewBuildings to nat_NumberOfNewBuildings_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfNewBuildings_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfNewBuildings_lbl2" xml:lang="en-US" id="nat_NumberOfNewBuildings_lbl2">Number of new buildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfNewBuildings" xlink:to="nat_NumberOfNewBuildings_lbl2" xlink:title="label: NumberOfNewBuildings to nat_NumberOfNewBuildings_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DeferredFinanceCostsNonCashPortion" xlink:label="DeferredFinanceCostsNonCashPortion" xlink:title="DeferredFinanceCostsNonCashPortion" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredFinanceCostsNonCashPortion_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DeferredFinanceCostsNonCashPortion_lbl" xml:lang="en-US" id="nat_DeferredFinanceCostsNonCashPortion_lbl">Amount of non cash portion, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredFinanceCostsNonCashPortion" xlink:to="nat_DeferredFinanceCostsNonCashPortion_lbl" xlink:title="label: DeferredFinanceCostsNonCashPortion to nat_DeferredFinanceCostsNonCashPortion_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredFinanceCostsNonCashPortion_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DeferredFinanceCostsNonCashPortion_lbl1" xml:lang="en-US" id="nat_DeferredFinanceCostsNonCashPortion_lbl1">Deferred Finance Costs, Non-cash Portion</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredFinanceCostsNonCashPortion" xlink:to="nat_DeferredFinanceCostsNonCashPortion_lbl1" xlink:title="label: DeferredFinanceCostsNonCashPortion to nat_DeferredFinanceCostsNonCashPortion_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredFinanceCostsNonCashPortion_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_DeferredFinanceCostsNonCashPortion_lbl2" xml:lang="en-US" id="nat_DeferredFinanceCostsNonCashPortion_lbl2">Deferred finance costs, non-cash portion</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredFinanceCostsNonCashPortion" xlink:to="nat_DeferredFinanceCostsNonCashPortion_lbl2" xlink:title="label: DeferredFinanceCostsNonCashPortion to nat_DeferredFinanceCostsNonCashPortion_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DebtInstrumentMinimumLiquidityValue" xlink:label="DebtInstrumentMinimumLiquidityValue" xlink:title="DebtInstrumentMinimumLiquidityValue" />
    <link:label xlink:type="resource" xlink:label="nat_DebtInstrumentMinimumLiquidityValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DebtInstrumentMinimumLiquidityValue_lbl" xml:lang="en-US" id="nat_DebtInstrumentMinimumLiquidityValue_lbl">Refers to amount of minimum liquidity value of debt instrument under credit agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentMinimumLiquidityValue" xlink:to="nat_DebtInstrumentMinimumLiquidityValue_lbl" xlink:title="label: DebtInstrumentMinimumLiquidityValue to nat_DebtInstrumentMinimumLiquidityValue_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DebtInstrumentMinimumLiquidityValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DebtInstrumentMinimumLiquidityValue_lbl1" xml:lang="en-US" id="nat_DebtInstrumentMinimumLiquidityValue_lbl1">Debt Instrument, Minimum Liquidity Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentMinimumLiquidityValue" xlink:to="nat_DebtInstrumentMinimumLiquidityValue_lbl1" xlink:title="label: DebtInstrumentMinimumLiquidityValue to nat_DebtInstrumentMinimumLiquidityValue_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DebtInstrumentMinimumLiquidityValue_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_DebtInstrumentMinimumLiquidityValue_lbl2" xml:lang="en-US" id="nat_DebtInstrumentMinimumLiquidityValue_lbl2">Minimum liquidity value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentMinimumLiquidityValue" xlink:to="nat_DebtInstrumentMinimumLiquidityValue_lbl2" xlink:title="label: DebtInstrumentMinimumLiquidityValue to nat_DebtInstrumentMinimumLiquidityValue_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_FirstFlexibilityPeriodToPurchaseVessels" xlink:label="FirstFlexibilityPeriodToPurchaseVessels" xlink:title="FirstFlexibilityPeriodToPurchaseVessels" />
    <link:label xlink:type="resource" xlink:label="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl" xml:lang="en-US" id="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl">Refers to the first flexibility period to purchase the vessels as per agreement in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstFlexibilityPeriodToPurchaseVessels" xlink:to="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl" xlink:title="label: FirstFlexibilityPeriodToPurchaseVessels to nat_FirstFlexibilityPeriodToPurchaseVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl1" xml:lang="en-US" id="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl1">First Flexibility Period to Purchase Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstFlexibilityPeriodToPurchaseVessels" xlink:to="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl1" xlink:title="label: FirstFlexibilityPeriodToPurchaseVessels to nat_FirstFlexibilityPeriodToPurchaseVessels_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl2" xml:lang="en-US" id="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl2">First flexibility period to purchase the vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstFlexibilityPeriodToPurchaseVessels" xlink:to="nat_FirstFlexibilityPeriodToPurchaseVessels_lbl2" xlink:title="label: FirstFlexibilityPeriodToPurchaseVessels to nat_FirstFlexibilityPeriodToPurchaseVessels_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NumberOfVesselsDelivered" xlink:label="NumberOfVesselsDelivered" xlink:title="NumberOfVesselsDelivered" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsDelivered_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfVesselsDelivered_lbl" xml:lang="en-US" id="nat_NumberOfVesselsDelivered_lbl">Refers to number of vessels delivered to the company during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsDelivered" xlink:to="nat_NumberOfVesselsDelivered_lbl" xlink:title="label: NumberOfVesselsDelivered to nat_NumberOfVesselsDelivered_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsDelivered_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfVesselsDelivered_lbl1" xml:lang="en-US" id="nat_NumberOfVesselsDelivered_lbl1">Number of vessels delivered</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsDelivered" xlink:to="nat_NumberOfVesselsDelivered_lbl1" xlink:title="label: NumberOfVesselsDelivered to nat_NumberOfVesselsDelivered_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_ProceedsFromVesselFinancing" xlink:label="ProceedsFromVesselFinancing" xlink:title="ProceedsFromVesselFinancing" />
    <link:label xlink:type="resource" xlink:label="nat_ProceedsFromVesselFinancing_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ProceedsFromVesselFinancing_lbl" xml:lang="en-US" id="nat_ProceedsFromVesselFinancing_lbl">Amount of cash inflow from vessel financing, classified as financing activity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromVesselFinancing" xlink:to="nat_ProceedsFromVesselFinancing_lbl" xlink:title="label: ProceedsFromVesselFinancing to nat_ProceedsFromVesselFinancing_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ProceedsFromVesselFinancing_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ProceedsFromVesselFinancing_lbl1" xml:lang="en-US" id="nat_ProceedsFromVesselFinancing_lbl1">Proceeds from Vessel Financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromVesselFinancing" xlink:to="nat_ProceedsFromVesselFinancing_lbl1" xlink:title="label: ProceedsFromVesselFinancing to nat_ProceedsFromVesselFinancing_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_ProceedsFromVesselFinancing_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_ProceedsFromVesselFinancing_lbl2" xml:lang="en-US" id="nat_ProceedsFromVesselFinancing_lbl2">Proceeds from vessel financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromVesselFinancing" xlink:to="nat_ProceedsFromVesselFinancing_lbl2" xlink:title="label: ProceedsFromVesselFinancing to nat_ProceedsFromVesselFinancing_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_ObligationToPurchaseVessels" xlink:label="ObligationToPurchaseVessels" xlink:title="ObligationToPurchaseVessels" />
    <link:label xlink:type="resource" xlink:label="nat_ObligationToPurchaseVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ObligationToPurchaseVessels_lbl" xml:lang="en-US" id="nat_ObligationToPurchaseVessels_lbl">Obligations to purchase the vessels for a consideration value each upon the completion of the period of bareboat charter agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ObligationToPurchaseVessels" xlink:to="nat_ObligationToPurchaseVessels_lbl" xlink:title="label: ObligationToPurchaseVessels to nat_ObligationToPurchaseVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ObligationToPurchaseVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ObligationToPurchaseVessels_lbl1" xml:lang="en-US" id="nat_ObligationToPurchaseVessels_lbl1">Obligation to Purchase Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ObligationToPurchaseVessels" xlink:to="nat_ObligationToPurchaseVessels_lbl1" xlink:title="label: ObligationToPurchaseVessels to nat_ObligationToPurchaseVessels_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_ObligationToPurchaseVessels_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_ObligationToPurchaseVessels_lbl2" xml:lang="en-US" id="nat_ObligationToPurchaseVessels_lbl2">Obligation to purchase the vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ObligationToPurchaseVessels" xlink:to="nat_ObligationToPurchaseVessels_lbl2" xlink:title="label: ObligationToPurchaseVessels to nat_ObligationToPurchaseVessels_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DebtCovenantsMinimumValueInUnrestrictedCash" xlink:label="DebtCovenantsMinimumValueInUnrestrictedCash" xlink:title="DebtCovenantsMinimumValueInUnrestrictedCash" />
    <link:label xlink:type="resource" xlink:label="nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl" xml:lang="en-US" id="nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl">The agreement contains covenants that requires a minimum value in unrestricted cash.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtCovenantsMinimumValueInUnrestrictedCash" xlink:to="nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl" xlink:title="label: DebtCovenantsMinimumValueInUnrestrictedCash to nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl1" xml:lang="en-US" id="nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl1">Debt Covenants, Minimum Value in Unrestricted Cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtCovenantsMinimumValueInUnrestrictedCash" xlink:to="nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl1" xlink:title="label: DebtCovenantsMinimumValueInUnrestrictedCash to nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl2" xml:lang="en-US" id="nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl2">Debt covenants, minimum liquidity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtCovenantsMinimumValueInUnrestrictedCash" xlink:to="nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl2" xlink:title="label: DebtCovenantsMinimumValueInUnrestrictedCash to nat_DebtCovenantsMinimumValueInUnrestrictedCash_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:label="PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:title="PercentageOfPurchasePriceExpectedToPayByLendingProvider" />
    <link:label xlink:type="resource" xlink:label="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl" xml:lang="en-US" id="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl">Refers to the percentage of purchase price expected to pay by lending provider under the terms of the financing agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:to="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl" xlink:title="label: PercentageOfPurchasePriceExpectedToPayByLendingProvider to nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl1" xml:lang="en-US" id="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl1">Percentage of purchase price expected to pay by lending provider</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfPurchasePriceExpectedToPayByLendingProvider" xlink:to="nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl1" xlink:title="label: PercentageOfPurchasePriceExpectedToPayByLendingProvider to nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_SecondFlexibilityPeriodToPurchaseVessels" xlink:label="SecondFlexibilityPeriodToPurchaseVessels" xlink:title="SecondFlexibilityPeriodToPurchaseVessels" />
    <link:label xlink:type="resource" xlink:label="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl" xml:lang="en-US" id="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl">Refers to the second flexibility period to purchase the vessels as per agreement in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondFlexibilityPeriodToPurchaseVessels" xlink:to="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl" xlink:title="label: SecondFlexibilityPeriodToPurchaseVessels to nat_SecondFlexibilityPeriodToPurchaseVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl1" xml:lang="en-US" id="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl1">Second Flexibility Period to Purchase Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondFlexibilityPeriodToPurchaseVessels" xlink:to="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl1" xlink:title="label: SecondFlexibilityPeriodToPurchaseVessels to nat_SecondFlexibilityPeriodToPurchaseVessels_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl2" xml:lang="en-US" id="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl2">Second flexibility period to purchase the vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondFlexibilityPeriodToPurchaseVessels" xlink:to="nat_SecondFlexibilityPeriodToPurchaseVessels_lbl2" xlink:title="label: SecondFlexibilityPeriodToPurchaseVessels to nat_SecondFlexibilityPeriodToPurchaseVessels_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_LoanAmortizingMaturityPeriod" xlink:label="LoanAmortizingMaturityPeriod" xlink:title="LoanAmortizingMaturityPeriod" />
    <link:label xlink:type="resource" xlink:label="nat_LoanAmortizingMaturityPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_LoanAmortizingMaturityPeriod_lbl" xml:lang="en-US" id="nat_LoanAmortizingMaturityPeriod_lbl">Represents the loan is amortizing with a maturity profile.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanAmortizingMaturityPeriod" xlink:to="nat_LoanAmortizingMaturityPeriod_lbl" xlink:title="label: LoanAmortizingMaturityPeriod to nat_LoanAmortizingMaturityPeriod_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_LoanAmortizingMaturityPeriod_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_LoanAmortizingMaturityPeriod_lbl1" xml:lang="en-US" id="nat_LoanAmortizingMaturityPeriod_lbl1">Loan Amortizing, Maturity Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanAmortizingMaturityPeriod" xlink:to="nat_LoanAmortizingMaturityPeriod_lbl1" xlink:title="label: LoanAmortizingMaturityPeriod to nat_LoanAmortizingMaturityPeriod_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_LoanAmortizingMaturityPeriod_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_LoanAmortizingMaturityPeriod_lbl2" xml:lang="en-US" id="nat_LoanAmortizingMaturityPeriod_lbl2">Loan amortizing, maturity period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanAmortizingMaturityPeriod" xlink:to="nat_LoanAmortizingMaturityPeriod_lbl2" xlink:title="label: LoanAmortizingMaturityPeriod to nat_LoanAmortizingMaturityPeriod_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NewbuildFinancingMember" xlink:label="NewbuildFinancingMember" xlink:title="NewbuildFinancingMember" />
    <link:label xlink:type="resource" xlink:label="nat_NewbuildFinancingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NewbuildFinancingMember_lbl" xml:lang="en-US" id="nat_NewbuildFinancingMember_lbl">Arrangement in which loan proceeds can continuously be obtained following repayments, but the total amount borrowed cannot exceed a specified maximum amount.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewbuildFinancingMember" xlink:to="nat_NewbuildFinancingMember_lbl" xlink:title="label: NewbuildFinancingMember to nat_NewbuildFinancingMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NewbuildFinancingMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NewbuildFinancingMember_lbl1" xml:lang="en-US" id="nat_NewbuildFinancingMember_lbl1">Newbuild Financing [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewbuildFinancingMember" xlink:to="nat_NewbuildFinancingMember_lbl1" xlink:title="label: NewbuildFinancingMember to nat_NewbuildFinancingMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NewbuildFinancingMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NewbuildFinancingMember_lbl2" xml:lang="en-US" id="nat_NewbuildFinancingMember_lbl2">Financing of 2018 New buildings [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewbuildFinancingMember" xlink:to="nat_NewbuildFinancingMember_lbl2" xlink:title="label: NewbuildFinancingMember to nat_NewbuildFinancingMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DebtInstrumentMinimumValueAdjustedEquity" xlink:label="DebtInstrumentMinimumValueAdjustedEquity" xlink:title="DebtInstrumentMinimumValueAdjustedEquity" />
    <link:label xlink:type="resource" xlink:label="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl" xml:lang="en-US" id="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl">Refers to the minimum value of adjusted equity under the financing agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentMinimumValueAdjustedEquity" xlink:to="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl" xlink:title="label: DebtInstrumentMinimumValueAdjustedEquity to nat_DebtInstrumentMinimumValueAdjustedEquity_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl1" xml:lang="en-US" id="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl1">Debt Instrument Minimum Value Adjusted Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentMinimumValueAdjustedEquity" xlink:to="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl1" xlink:title="label: DebtInstrumentMinimumValueAdjustedEquity to nat_DebtInstrumentMinimumValueAdjustedEquity_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl2" xml:lang="en-US" id="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl2">Minimum value adjusted equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentMinimumValueAdjustedEquity" xlink:to="nat_DebtInstrumentMinimumValueAdjustedEquity_lbl2" xlink:title="label: DebtInstrumentMinimumValueAdjustedEquity to nat_DebtInstrumentMinimumValueAdjustedEquity_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_VesselOperatingExpensesPolicyTextBlock" xlink:label="VesselOperatingExpensesPolicyTextBlock" xlink:title="VesselOperatingExpensesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_VesselOperatingExpensesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VesselOperatingExpensesPolicyTextBlock_lbl" xml:lang="en-US" id="nat_VesselOperatingExpensesPolicyTextBlock_lbl">Disclosure of accounting policy for vessel operating expense, excluding depreciation expense.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselOperatingExpensesPolicyTextBlock" xlink:to="nat_VesselOperatingExpensesPolicyTextBlock_lbl" xlink:title="label: VesselOperatingExpensesPolicyTextBlock to nat_VesselOperatingExpensesPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VesselOperatingExpensesPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VesselOperatingExpensesPolicyTextBlock_lbl1" xml:lang="en-US" id="nat_VesselOperatingExpensesPolicyTextBlock_lbl1">Vessel Operating Expenses [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselOperatingExpensesPolicyTextBlock" xlink:to="nat_VesselOperatingExpensesPolicyTextBlock_lbl1" xlink:title="label: VesselOperatingExpensesPolicyTextBlock to nat_VesselOperatingExpensesPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_VesselOperatingExpensesPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_VesselOperatingExpensesPolicyTextBlock_lbl2" xml:lang="en-US" id="nat_VesselOperatingExpensesPolicyTextBlock_lbl2">Vessel Operating Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselOperatingExpensesPolicyTextBlock" xlink:to="nat_VesselOperatingExpensesPolicyTextBlock_lbl2" xlink:title="label: VesselOperatingExpensesPolicyTextBlock to nat_VesselOperatingExpensesPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_RevenueAndExpenseRecognitionPolicyTextBlock" xlink:label="RevenueAndExpenseRecognitionPolicyTextBlock" xlink:title="RevenueAndExpenseRecognitionPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl" xml:lang="en-US" id="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl">Disclosure of accounting policy for revenue and expense recognition directly related to voyage and time charter agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueAndExpenseRecognitionPolicyTextBlock" xlink:to="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl" xlink:title="label: RevenueAndExpenseRecognitionPolicyTextBlock to nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl1" xml:lang="en-US" id="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl1">Revenue and Expense Recognition [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueAndExpenseRecognitionPolicyTextBlock" xlink:to="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl1" xlink:title="label: RevenueAndExpenseRecognitionPolicyTextBlock to nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl2" xml:lang="en-US" id="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl2">Revenue and Expense Recognition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueAndExpenseRecognitionPolicyTextBlock" xlink:to="nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl2" xlink:title="label: RevenueAndExpenseRecognitionPolicyTextBlock to nat_RevenueAndExpenseRecognitionPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DrydockingPolicyTextBlock" xlink:label="DrydockingPolicyTextBlock" xlink:title="DrydockingPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_DrydockingPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DrydockingPolicyTextBlock_lbl" xml:lang="en-US" id="nat_DrydockingPolicyTextBlock_lbl">Disclosure of accounting policy for costs incurred for repairs and maintenance activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DrydockingPolicyTextBlock" xlink:to="nat_DrydockingPolicyTextBlock_lbl" xlink:title="label: DrydockingPolicyTextBlock to nat_DrydockingPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DrydockingPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DrydockingPolicyTextBlock_lbl1" xml:lang="en-US" id="nat_DrydockingPolicyTextBlock_lbl1">Drydocking [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DrydockingPolicyTextBlock" xlink:to="nat_DrydockingPolicyTextBlock_lbl1" xlink:title="label: DrydockingPolicyTextBlock to nat_DrydockingPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DrydockingPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_DrydockingPolicyTextBlock_lbl2" xml:lang="en-US" id="nat_DrydockingPolicyTextBlock_lbl2">Drydocking</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DrydockingPolicyTextBlock" xlink:to="nat_DrydockingPolicyTextBlock_lbl2" xlink:title="label: DrydockingPolicyTextBlock to nat_DrydockingPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_CreditRiskAbstract" xlink:label="CreditRiskAbstract" xlink:title="CreditRiskAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_CreditRiskAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CreditRiskAbstract_lbl1" xml:lang="en-US" id="nat_CreditRiskAbstract_lbl1">Credit Risk [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskAbstract" xlink:to="nat_CreditRiskAbstract_lbl1" xlink:title="label: CreditRiskAbstract to nat_CreditRiskAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CreditRiskAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_CreditRiskAbstract_lbl2" xml:lang="en-US" id="nat_CreditRiskAbstract_lbl2">Concentration of Credit Risk [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskAbstract" xlink:to="nat_CreditRiskAbstract_lbl2" xlink:title="label: CreditRiskAbstract to nat_CreditRiskAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_ConcentrationOfRiskAbstract" xlink:label="ConcentrationOfRiskAbstract" xlink:title="ConcentrationOfRiskAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_ConcentrationOfRiskAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ConcentrationOfRiskAbstract_lbl1" xml:lang="en-US" id="nat_ConcentrationOfRiskAbstract_lbl1">Concentration of Risk [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationOfRiskAbstract" xlink:to="nat_ConcentrationOfRiskAbstract_lbl1" xlink:title="label: ConcentrationOfRiskAbstract to nat_ConcentrationOfRiskAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DrydockAbstract" xlink:label="DrydockAbstract" xlink:title="DrydockAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_DrydockAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DrydockAbstract_lbl1" xml:lang="en-US" id="nat_DrydockAbstract_lbl1">Drydock [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DrydockAbstract" xlink:to="nat_DrydockAbstract_lbl1" xlink:title="label: DrydockAbstract to nat_DrydockAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DrydockAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_DrydockAbstract_lbl2" xml:lang="en-US" id="nat_DrydockAbstract_lbl2">Drydocking [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DrydockAbstract" xlink:to="nat_DrydockAbstract_lbl2" xlink:title="label: DrydockAbstract to nat_DrydockAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_AmortizationPeriod" xlink:label="AmortizationPeriod" xlink:title="AmortizationPeriod" />
    <link:label xlink:type="resource" xlink:label="nat_AmortizationPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AmortizationPeriod_lbl" xml:lang="en-US" id="nat_AmortizationPeriod_lbl">Period over which improvements are amortized.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationPeriod" xlink:to="nat_AmortizationPeriod_lbl" xlink:title="label: AmortizationPeriod to nat_AmortizationPeriod_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AmortizationPeriod_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AmortizationPeriod_lbl1" xml:lang="en-US" id="nat_AmortizationPeriod_lbl1">Amortization period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationPeriod" xlink:to="nat_AmortizationPeriod_lbl1" xlink:title="label: AmortizationPeriod to nat_AmortizationPeriod_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AmortizationPeriod_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AmortizationPeriod_lbl2" xml:lang="en-US" id="nat_AmortizationPeriod_lbl2">Improvements amortized over a period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationPeriod" xlink:to="nat_AmortizationPeriod_lbl2" xlink:title="label: AmortizationPeriod to nat_AmortizationPeriod_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:label="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:title="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" />
    <link:label xlink:type="resource" xlink:label="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl" xml:lang="en-US" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl">The minimum period when the vessels are expected to be drydocked for overhaul repairs and maintenance.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:to="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl" xlink:title="label: PeriodWhenVesselsAreRequiredToBeDrydockedMinimum to nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl1" xml:lang="en-US" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl1">Period when vessels are required to be drydocked, minimum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:to="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl1" xlink:title="label: PeriodWhenVesselsAreRequiredToBeDrydockedMinimum to nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl2" xml:lang="en-US" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl2">Period when vessels are required to be drydocked, minimum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodWhenVesselsAreRequiredToBeDrydockedMinimum" xlink:to="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl2" xlink:title="label: PeriodWhenVesselsAreRequiredToBeDrydockedMinimum to nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NumberOfWhollyOwnedSubsidiaries" xlink:label="NumberOfWhollyOwnedSubsidiaries" xlink:title="NumberOfWhollyOwnedSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfWhollyOwnedSubsidiaries_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfWhollyOwnedSubsidiaries_lbl" xml:lang="en-US" id="nat_NumberOfWhollyOwnedSubsidiaries_lbl">Represents number of wholly-owned subsidiaries of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfWhollyOwnedSubsidiaries" xlink:to="nat_NumberOfWhollyOwnedSubsidiaries_lbl" xlink:title="label: NumberOfWhollyOwnedSubsidiaries to nat_NumberOfWhollyOwnedSubsidiaries_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfWhollyOwnedSubsidiaries_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfWhollyOwnedSubsidiaries_lbl1" xml:lang="en-US" id="nat_NumberOfWhollyOwnedSubsidiaries_lbl1">Number of Wholly Owned Subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfWhollyOwnedSubsidiaries" xlink:to="nat_NumberOfWhollyOwnedSubsidiaries_lbl1" xlink:title="label: NumberOfWhollyOwnedSubsidiaries to nat_NumberOfWhollyOwnedSubsidiaries_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfWhollyOwnedSubsidiaries_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfWhollyOwnedSubsidiaries_lbl2" xml:lang="en-US" id="nat_NumberOfWhollyOwnedSubsidiaries_lbl2">Number of wholly owned subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfWhollyOwnedSubsidiaries" xlink:to="nat_NumberOfWhollyOwnedSubsidiaries_lbl2" xlink:title="label: NumberOfWhollyOwnedSubsidiaries to nat_NumberOfWhollyOwnedSubsidiaries_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NorwegianTaxAdministrationMember" xlink:label="NorwegianTaxAdministrationMember" xlink:title="NorwegianTaxAdministrationMember" />
    <link:label xlink:type="resource" xlink:label="nat_NorwegianTaxAdministrationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NorwegianTaxAdministrationMember_lbl" xml:lang="en-US" id="nat_NorwegianTaxAdministrationMember_lbl">Designated tax department of the government of Norway.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NorwegianTaxAdministrationMember" xlink:to="nat_NorwegianTaxAdministrationMember_lbl" xlink:title="label: NorwegianTaxAdministrationMember to nat_NorwegianTaxAdministrationMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NorwegianTaxAdministrationMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NorwegianTaxAdministrationMember_lbl1" xml:lang="en-US" id="nat_NorwegianTaxAdministrationMember_lbl1">Norwegian Tax Administration [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NorwegianTaxAdministrationMember" xlink:to="nat_NorwegianTaxAdministrationMember_lbl1" xlink:title="label: NorwegianTaxAdministrationMember to nat_NorwegianTaxAdministrationMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NumberOfTypesOfVessels" xlink:label="NumberOfTypesOfVessels" xlink:title="NumberOfTypesOfVessels" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfTypesOfVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfTypesOfVessels_lbl" xml:lang="en-US" id="nat_NumberOfTypesOfVessels_lbl">The number of different types of vessels owned and operated by the Company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfTypesOfVessels" xlink:to="nat_NumberOfTypesOfVessels_lbl" xlink:title="label: NumberOfTypesOfVessels to nat_NumberOfTypesOfVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfTypesOfVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfTypesOfVessels_lbl1" xml:lang="en-US" id="nat_NumberOfTypesOfVessels_lbl1">Number of types of vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfTypesOfVessels" xlink:to="nat_NumberOfTypesOfVessels_lbl1" xlink:title="label: NumberOfTypesOfVessels to nat_NumberOfTypesOfVessels_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfTypesOfVessels_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_NumberOfTypesOfVessels_lbl2" xml:lang="en-US" id="nat_NumberOfTypesOfVessels_lbl2">Number of types of vessel</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfTypesOfVessels" xlink:to="nat_NumberOfTypesOfVessels_lbl2" xlink:title="label: NumberOfTypesOfVessels to nat_NumberOfTypesOfVessels_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" xlink:label="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" xlink:title="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl" xml:lang="en-US" id="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl">The original maturity, in months, of deposits classified as cash and cash equivalents.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" xlink:to="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl" xlink:title="label: OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents to nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl1" xml:lang="en-US" id="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl1">Original maturities of deposits classified as cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" xlink:to="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl1" xlink:title="label: OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents to nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl2" xml:lang="en-US" id="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl2">Original maturities of deposits classified as cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents" xlink:to="nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl2" xlink:title="label: OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents to nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:label="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:title="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" />
    <link:label xlink:type="resource" xlink:label="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl" xml:lang="en-US" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl">The maximum period when the vessels are expected to be drydocked for overhaul repairs and maintenance.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:to="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl" xlink:title="label: PeriodWhenVesselsAreRequiredToBeDrydockedMaximum to nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl1" xml:lang="en-US" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl1">Period when vessels are required to be drydocked, maximum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:to="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl1" xlink:title="label: PeriodWhenVesselsAreRequiredToBeDrydockedMaximum to nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl2" xml:lang="en-US" id="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl2">Period when vessels are required to be drydocked, maximum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodWhenVesselsAreRequiredToBeDrydockedMaximum" xlink:to="nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl2" xlink:title="label: PeriodWhenVesselsAreRequiredToBeDrydockedMaximum to nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_EffectOnCondensedConsolidatedBalanceSheetAbstract" xlink:label="EffectOnCondensedConsolidatedBalanceSheetAbstract" xlink:title="EffectOnCondensedConsolidatedBalanceSheetAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_EffectOnCondensedConsolidatedBalanceSheetAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EffectOnCondensedConsolidatedBalanceSheetAbstract_lbl1" xml:lang="en-US" id="nat_EffectOnCondensedConsolidatedBalanceSheetAbstract_lbl1">Effect on Condensed Consolidated Balance Sheet [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOnCondensedConsolidatedBalanceSheetAbstract" xlink:to="nat_EffectOnCondensedConsolidatedBalanceSheetAbstract_lbl1" xlink:title="label: EffectOnCondensedConsolidatedBalanceSheetAbstract to nat_EffectOnCondensedConsolidatedBalanceSheetAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_EffectOnCondensedConsolidatedBalanceSheetAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_EffectOnCondensedConsolidatedBalanceSheetAbstract_lbl2" xml:lang="en-US" id="nat_EffectOnCondensedConsolidatedBalanceSheetAbstract_lbl2">Effect on the Condensed Consolidated Balance Sheet [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOnCondensedConsolidatedBalanceSheetAbstract" xlink:to="nat_EffectOnCondensedConsolidatedBalanceSheetAbstract_lbl2" xlink:title="label: EffectOnCondensedConsolidatedBalanceSheetAbstract to nat_EffectOnCondensedConsolidatedBalanceSheetAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract" xlink:label="EffectOnCondensedConsolidatedStatementOfOperationsAbstract" xlink:title="EffectOnCondensedConsolidatedStatementOfOperationsAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract_lbl1" xml:lang="en-US" id="nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract_lbl1">Effect on Condensed Consolidated Statement of Operations [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOnCondensedConsolidatedStatementOfOperationsAbstract" xlink:to="nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract_lbl1" xlink:title="label: EffectOnCondensedConsolidatedStatementOfOperationsAbstract to nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract_lbl2" xml:lang="en-US" id="nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract_lbl2">Effect on the Condensed Consolidated Statement of Operations [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOnCondensedConsolidatedStatementOfOperationsAbstract" xlink:to="nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract_lbl2" xlink:title="label: EffectOnCondensedConsolidatedStatementOfOperationsAbstract to nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_AccruedVoyageExpensesCurrent" xlink:label="AccruedVoyageExpensesCurrent" xlink:title="AccruedVoyageExpensesCurrent" />
    <link:label xlink:type="resource" xlink:label="nat_AccruedVoyageExpensesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AccruedVoyageExpensesCurrent_lbl" xml:lang="en-US" id="nat_AccruedVoyageExpensesCurrent_lbl">Carrying value as of the balance sheet date of obligations incurred through that date and payable related to the entity's voyage expenses. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedVoyageExpensesCurrent" xlink:to="nat_AccruedVoyageExpensesCurrent_lbl" xlink:title="label: AccruedVoyageExpensesCurrent to nat_AccruedVoyageExpensesCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AccruedVoyageExpensesCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AccruedVoyageExpensesCurrent_lbl1" xml:lang="en-US" id="nat_AccruedVoyageExpensesCurrent_lbl1">Accrued voyage expenses, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedVoyageExpensesCurrent" xlink:to="nat_AccruedVoyageExpensesCurrent_lbl1" xlink:title="label: AccruedVoyageExpensesCurrent to nat_AccruedVoyageExpensesCurrent_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AccruedVoyageExpensesCurrent_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AccruedVoyageExpensesCurrent_lbl2" xml:lang="en-US" id="nat_AccruedVoyageExpensesCurrent_lbl2">Accrued Voyage Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccruedVoyageExpensesCurrent" xlink:to="nat_AccruedVoyageExpensesCurrent_lbl2" xlink:title="label: AccruedVoyageExpensesCurrent to nat_AccruedVoyageExpensesCurrent_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_IncomeTaxAbstract" xlink:label="IncomeTaxAbstract" xlink:title="IncomeTaxAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_IncomeTaxAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_IncomeTaxAbstract_lbl1" xml:lang="en-US" id="nat_IncomeTaxAbstract_lbl1">Income Tax [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxAbstract" xlink:to="nat_IncomeTaxAbstract_lbl1" xlink:title="label: IncomeTaxAbstract to nat_IncomeTaxAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_IncomeTaxAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_IncomeTaxAbstract_lbl2" xml:lang="en-US" id="nat_IncomeTaxAbstract_lbl2">Income Tax [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxAbstract" xlink:to="nat_IncomeTaxAbstract_lbl2" xlink:title="label: IncomeTaxAbstract to nat_IncomeTaxAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NumberOfVesselsAffected" xlink:label="NumberOfVesselsAffected" xlink:title="NumberOfVesselsAffected" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsAffected_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfVesselsAffected_lbl" xml:lang="en-US" id="nat_NumberOfVesselsAffected_lbl">The number of vessels affected by the change in the revenue recognition standard.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsAffected" xlink:to="nat_NumberOfVesselsAffected_lbl" xlink:title="label: NumberOfVesselsAffected to nat_NumberOfVesselsAffected_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsAffected_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfVesselsAffected_lbl1" xml:lang="en-US" id="nat_NumberOfVesselsAffected_lbl1">Number of Vessels Affected</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsAffected" xlink:to="nat_NumberOfVesselsAffected_lbl1" xlink:title="label: NumberOfVesselsAffected to nat_NumberOfVesselsAffected_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsAffected_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfVesselsAffected_lbl2" xml:lang="en-US" id="nat_NumberOfVesselsAffected_lbl2">Number of vessels affected</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsAffected" xlink:to="nat_NumberOfVesselsAffected_lbl2" xlink:title="label: NumberOfVesselsAffected to nat_NumberOfVesselsAffected_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NumberOfCustomersAccountedForSpotCharterRevenues" xlink:label="NumberOfCustomersAccountedForSpotCharterRevenues" xlink:title="NumberOfCustomersAccountedForSpotCharterRevenues" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl" xml:lang="en-US" id="nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl">Refers to the number of customers accounted for spot charter revenues during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomersAccountedForSpotCharterRevenues" xlink:to="nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl" xlink:title="label: NumberOfCustomersAccountedForSpotCharterRevenues to nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl1" xml:lang="en-US" id="nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl1">Number Of Customers Accounted For Spot Charter Revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomersAccountedForSpotCharterRevenues" xlink:to="nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl1" xlink:title="label: NumberOfCustomersAccountedForSpotCharterRevenues to nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl2" xml:lang="en-US" id="nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl2">Number of customers accounted for spot charter revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomersAccountedForSpotCharterRevenues" xlink:to="nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl2" xlink:title="label: NumberOfCustomersAccountedForSpotCharterRevenues to nat_NumberOfCustomersAccountedForSpotCharterRevenues_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_HistoricalAndAverageSpotMarketRate" xlink:label="HistoricalAndAverageSpotMarketRate" xlink:title="HistoricalAndAverageSpotMarketRate" />
    <link:label xlink:type="resource" xlink:label="nat_HistoricalAndAverageSpotMarketRate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_HistoricalAndAverageSpotMarketRate_lbl" xml:lang="en-US" id="nat_HistoricalAndAverageSpotMarketRate_lbl">The historical and average spot market rate used when estimating daily time charter equivalent for the remaining operating days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HistoricalAndAverageSpotMarketRate" xlink:to="nat_HistoricalAndAverageSpotMarketRate_lbl" xlink:title="label: HistoricalAndAverageSpotMarketRate to nat_HistoricalAndAverageSpotMarketRate_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_HistoricalAndAverageSpotMarketRate_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_HistoricalAndAverageSpotMarketRate_lbl1" xml:lang="en-US" id="nat_HistoricalAndAverageSpotMarketRate_lbl1">Historical and Average Spot Market Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HistoricalAndAverageSpotMarketRate" xlink:to="nat_HistoricalAndAverageSpotMarketRate_lbl1" xlink:title="label: HistoricalAndAverageSpotMarketRate to nat_HistoricalAndAverageSpotMarketRate_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_HistoricalAndAverageSpotMarketRate_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_HistoricalAndAverageSpotMarketRate_lbl2" xml:lang="en-US" id="nat_HistoricalAndAverageSpotMarketRate_lbl2">Historical and average spot market rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HistoricalAndAverageSpotMarketRate" xlink:to="nat_HistoricalAndAverageSpotMarketRate_lbl2" xlink:title="label: HistoricalAndAverageSpotMarketRate to nat_HistoricalAndAverageSpotMarketRate_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NumberOfIndividualDeferredCompensationAgreements" xlink:label="NumberOfIndividualDeferredCompensationAgreements" xlink:title="NumberOfIndividualDeferredCompensationAgreements" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfIndividualDeferredCompensationAgreements_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfIndividualDeferredCompensationAgreements_lbl" xml:lang="en-US" id="nat_NumberOfIndividualDeferredCompensationAgreements_lbl">The number of individual deferred compensation agreements during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfIndividualDeferredCompensationAgreements" xlink:to="nat_NumberOfIndividualDeferredCompensationAgreements_lbl" xlink:title="label: NumberOfIndividualDeferredCompensationAgreements to nat_NumberOfIndividualDeferredCompensationAgreements_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfIndividualDeferredCompensationAgreements_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfIndividualDeferredCompensationAgreements_lbl1" xml:lang="en-US" id="nat_NumberOfIndividualDeferredCompensationAgreements_lbl1">Number of individual deferred compensation agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfIndividualDeferredCompensationAgreements" xlink:to="nat_NumberOfIndividualDeferredCompensationAgreements_lbl1" xlink:title="label: NumberOfIndividualDeferredCompensationAgreements to nat_NumberOfIndividualDeferredCompensationAgreements_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_MarketRatesForTheInitialPeriod" xlink:label="MarketRatesForTheInitialPeriod" xlink:title="MarketRatesForTheInitialPeriod" />
    <link:label xlink:type="resource" xlink:label="nat_MarketRatesForTheInitialPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_MarketRatesForTheInitialPeriod_lbl" xml:lang="en-US" id="nat_MarketRatesForTheInitialPeriod_lbl">Market rates for the initial period used when estimating daily time charter equivalent for the remaining operating days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketRatesForTheInitialPeriod" xlink:to="nat_MarketRatesForTheInitialPeriod_lbl" xlink:title="label: MarketRatesForTheInitialPeriod to nat_MarketRatesForTheInitialPeriod_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_MarketRatesForTheInitialPeriod_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_MarketRatesForTheInitialPeriod_lbl1" xml:lang="en-US" id="nat_MarketRatesForTheInitialPeriod_lbl1">Market Rates For The Initial Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketRatesForTheInitialPeriod" xlink:to="nat_MarketRatesForTheInitialPeriod_lbl1" xlink:title="label: MarketRatesForTheInitialPeriod to nat_MarketRatesForTheInitialPeriod_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_MarketRatesForTheInitialPeriod_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_MarketRatesForTheInitialPeriod_lbl2" xml:lang="en-US" id="nat_MarketRatesForTheInitialPeriod_lbl2">Market rates for the initial period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketRatesForTheInitialPeriod" xlink:to="nat_MarketRatesForTheInitialPeriod_lbl2" xlink:title="label: MarketRatesForTheInitialPeriod to nat_MarketRatesForTheInitialPeriod_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_CustomerThreeMember" xlink:label="CustomerThreeMember" xlink:title="CustomerThreeMember" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerThreeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CustomerThreeMember_lbl" xml:lang="en-US" id="nat_CustomerThreeMember_lbl">Concentration related to customer three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerThreeMember" xlink:to="nat_CustomerThreeMember_lbl" xlink:title="label: CustomerThreeMember to nat_CustomerThreeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerThreeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CustomerThreeMember_lbl1" xml:lang="en-US" id="nat_CustomerThreeMember_lbl1">Customer three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerThreeMember" xlink:to="nat_CustomerThreeMember_lbl1" xlink:title="label: CustomerThreeMember to nat_CustomerThreeMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerThreeMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_CustomerThreeMember_lbl2" xml:lang="en-US" id="nat_CustomerThreeMember_lbl2">Customer Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerThreeMember" xlink:to="nat_CustomerThreeMember_lbl2" xlink:title="label: CustomerThreeMember to nat_CustomerThreeMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_CustomerTwoMember" xlink:label="CustomerTwoMember" xlink:title="CustomerTwoMember" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CustomerTwoMember_lbl" xml:lang="en-US" id="nat_CustomerTwoMember_lbl">Concentration related to customer two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerTwoMember" xlink:to="nat_CustomerTwoMember_lbl" xlink:title="label: CustomerTwoMember to nat_CustomerTwoMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerTwoMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CustomerTwoMember_lbl1" xml:lang="en-US" id="nat_CustomerTwoMember_lbl1">Customer two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerTwoMember" xlink:to="nat_CustomerTwoMember_lbl1" xlink:title="label: CustomerTwoMember to nat_CustomerTwoMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerTwoMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_CustomerTwoMember_lbl2" xml:lang="en-US" id="nat_CustomerTwoMember_lbl2">Customer Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerTwoMember" xlink:to="nat_CustomerTwoMember_lbl2" xlink:title="label: CustomerTwoMember to nat_CustomerTwoMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_CustomerOneMember" xlink:label="CustomerOneMember" xlink:title="CustomerOneMember" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CustomerOneMember_lbl" xml:lang="en-US" id="nat_CustomerOneMember_lbl">Concentration related to customer one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerOneMember" xlink:to="nat_CustomerOneMember_lbl" xlink:title="label: CustomerOneMember to nat_CustomerOneMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerOneMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CustomerOneMember_lbl1" xml:lang="en-US" id="nat_CustomerOneMember_lbl1">Customer one [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerOneMember" xlink:to="nat_CustomerOneMember_lbl1" xlink:title="label: CustomerOneMember to nat_CustomerOneMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CustomerOneMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_CustomerOneMember_lbl2" xml:lang="en-US" id="nat_CustomerOneMember_lbl2">Customer One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerOneMember" xlink:to="nat_CustomerOneMember_lbl2" xlink:title="label: CustomerOneMember to nat_CustomerOneMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_BallastTankMember" xlink:label="BallastTankMember" xlink:title="BallastTankMember" />
    <link:label xlink:type="resource" xlink:label="nat_BallastTankMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_BallastTankMember_lbl" xml:lang="en-US" id="nat_BallastTankMember_lbl">A compartment within a boat, ship or other floating structure that holds water.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BallastTankMember" xlink:to="nat_BallastTankMember_lbl" xlink:title="label: BallastTankMember to nat_BallastTankMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_BallastTankMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_BallastTankMember_lbl1" xml:lang="en-US" id="nat_BallastTankMember_lbl1">Ballast Tank [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BallastTankMember" xlink:to="nat_BallastTankMember_lbl1" xlink:title="label: BallastTankMember to nat_BallastTankMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_EffectOnCondensedCashFlowStatementAbstract" xlink:label="EffectOnCondensedCashFlowStatementAbstract" xlink:title="EffectOnCondensedCashFlowStatementAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_EffectOnCondensedCashFlowStatementAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EffectOnCondensedCashFlowStatementAbstract_lbl1" xml:lang="en-US" id="nat_EffectOnCondensedCashFlowStatementAbstract_lbl1">Effect On Condensed Cash Flow Statement [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOnCondensedCashFlowStatementAbstract" xlink:to="nat_EffectOnCondensedCashFlowStatementAbstract_lbl1" xlink:title="label: EffectOnCondensedCashFlowStatementAbstract to nat_EffectOnCondensedCashFlowStatementAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_EffectOnCondensedCashFlowStatementAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_EffectOnCondensedCashFlowStatementAbstract_lbl2" xml:lang="en-US" id="nat_EffectOnCondensedCashFlowStatementAbstract_lbl2">Effect on the Condensed Cash Flow Statement [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOnCondensedCashFlowStatementAbstract" xlink:to="nat_EffectOnCondensedCashFlowStatementAbstract_lbl2" xlink:title="label: EffectOnCondensedCashFlowStatementAbstract to nat_EffectOnCondensedCashFlowStatementAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NumberOfCharterersAccountedForOutstandingAmount" xlink:label="NumberOfCharterersAccountedForOutstandingAmount" xlink:title="NumberOfCharterersAccountedForOutstandingAmount" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl" xml:lang="en-US" id="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl">Refers to the total number of charterers accounted for outstanding amount during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCharterersAccountedForOutstandingAmount" xlink:to="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl" xlink:title="label: NumberOfCharterersAccountedForOutstandingAmount to nat_NumberOfCharterersAccountedForOutstandingAmount_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl1" xml:lang="en-US" id="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl1">Number Of Charterers Accounted For Outstanding Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCharterersAccountedForOutstandingAmount" xlink:to="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl1" xlink:title="label: NumberOfCharterersAccountedForOutstandingAmount to nat_NumberOfCharterersAccountedForOutstandingAmount_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl2" xml:lang="en-US" id="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl2">Number of charterers accounted for outstanding amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCharterersAccountedForOutstandingAmount" xlink:to="nat_NumberOfCharterersAccountedForOutstandingAmount_lbl2" xlink:title="label: NumberOfCharterersAccountedForOutstandingAmount to nat_NumberOfCharterersAccountedForOutstandingAmount_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_TimeCharterMember" xlink:label="TimeCharterMember" xlink:title="TimeCharterMember" />
    <link:label xlink:type="resource" xlink:label="nat_TimeCharterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_TimeCharterMember_lbl" xml:lang="en-US" id="nat_TimeCharterMember_lbl">A time charter is a contract to charter a vessel for a fixed period at a set daily rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TimeCharterMember" xlink:to="nat_TimeCharterMember_lbl" xlink:title="label: TimeCharterMember to nat_TimeCharterMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_TimeCharterMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_TimeCharterMember_lbl1" xml:lang="en-US" id="nat_TimeCharterMember_lbl1">Time Charter [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TimeCharterMember" xlink:to="nat_TimeCharterMember_lbl1" xlink:title="label: TimeCharterMember to nat_TimeCharterMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_TimeCharterMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_TimeCharterMember_lbl2" xml:lang="en-US" id="nat_TimeCharterMember_lbl2">Time Charter [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TimeCharterMember" xlink:to="nat_TimeCharterMember_lbl2" xlink:title="label: TimeCharterMember to nat_TimeCharterMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_SpotCharterMember" xlink:label="SpotCharterMember" xlink:title="SpotCharterMember" />
    <link:label xlink:type="resource" xlink:label="nat_SpotCharterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_SpotCharterMember_lbl" xml:lang="en-US" id="nat_SpotCharterMember_lbl">A spot charter is a contract to carry specific cargo from a load port to a discharge port at a per-day rate or a per-ton carry amount, depending on the agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SpotCharterMember" xlink:to="nat_SpotCharterMember_lbl" xlink:title="label: SpotCharterMember to nat_SpotCharterMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_SpotCharterMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_SpotCharterMember_lbl1" xml:lang="en-US" id="nat_SpotCharterMember_lbl1">Spot Charter [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SpotCharterMember" xlink:to="nat_SpotCharterMember_lbl1" xlink:title="label: SpotCharterMember to nat_SpotCharterMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_SpotCharterMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_SpotCharterMember_lbl2" xml:lang="en-US" id="nat_SpotCharterMember_lbl2">Spot Charter [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SpotCharterMember" xlink:to="nat_SpotCharterMember_lbl2" xlink:title="label: SpotCharterMember to nat_SpotCharterMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_TermOfVoyageContracts" xlink:label="TermOfVoyageContracts" xlink:title="TermOfVoyageContracts" />
    <link:label xlink:type="resource" xlink:label="nat_TermOfVoyageContracts_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_TermOfVoyageContracts_lbl" xml:lang="en-US" id="nat_TermOfVoyageContracts_lbl">Refers to the term of voyage contracts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfVoyageContracts" xlink:to="nat_TermOfVoyageContracts_lbl" xlink:title="label: TermOfVoyageContracts to nat_TermOfVoyageContracts_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_TermOfVoyageContracts_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_TermOfVoyageContracts_lbl1" xml:lang="en-US" id="nat_TermOfVoyageContracts_lbl1">Term of voyage contracts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfVoyageContracts" xlink:to="nat_TermOfVoyageContracts_lbl1" xlink:title="label: TermOfVoyageContracts to nat_TermOfVoyageContracts_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_TermOfVoyageContracts_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_TermOfVoyageContracts_lbl2" xml:lang="en-US" id="nat_TermOfVoyageContracts_lbl2">Term of voyage contract</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfVoyageContracts" xlink:to="nat_TermOfVoyageContracts_lbl2" xlink:title="label: TermOfVoyageContracts to nat_TermOfVoyageContracts_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_EarningsPerShareOtherDisclosuresAbstract" xlink:label="EarningsPerShareOtherDisclosuresAbstract" xlink:title="EarningsPerShareOtherDisclosuresAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_EarningsPerShareOtherDisclosuresAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EarningsPerShareOtherDisclosuresAbstract_lbl1" xml:lang="en-US" id="nat_EarningsPerShareOtherDisclosuresAbstract_lbl1">Earnings Per Share, Other Disclosures [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareOtherDisclosuresAbstract" xlink:to="nat_EarningsPerShareOtherDisclosuresAbstract_lbl1" xlink:title="label: EarningsPerShareOtherDisclosuresAbstract to nat_EarningsPerShareOtherDisclosuresAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_EarningsPerShareOtherDisclosuresAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_EarningsPerShareOtherDisclosuresAbstract_lbl2" xml:lang="en-US" id="nat_EarningsPerShareOtherDisclosuresAbstract_lbl2">Earnings Per Share, Other Disclosures [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareOtherDisclosuresAbstract" xlink:to="nat_EarningsPerShareOtherDisclosuresAbstract_lbl2" xlink:title="label: EarningsPerShareOtherDisclosuresAbstract to nat_EarningsPerShareOtherDisclosuresAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_CommitmentFee" xlink:label="CommitmentFee" xlink:title="CommitmentFee" />
    <link:label xlink:type="resource" xlink:label="nat_CommitmentFee_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CommitmentFee_lbl" xml:lang="en-US" id="nat_CommitmentFee_lbl">Represents the expense against earnings during the period for commitment fees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentFee" xlink:to="nat_CommitmentFee_lbl" xlink:title="label: CommitmentFee to nat_CommitmentFee_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CommitmentFee_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CommitmentFee_lbl1" xml:lang="en-US" id="nat_CommitmentFee_lbl1">Commitment Fee</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentFee" xlink:to="nat_CommitmentFee_lbl1" xlink:title="label: CommitmentFee to nat_CommitmentFee_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CommitmentFee_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_CommitmentFee_lbl2" xml:lang="en-US" id="nat_CommitmentFee_lbl2">Commitment Fee</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentFee" xlink:to="nat_CommitmentFee_lbl2" xlink:title="label: CommitmentFee to nat_CommitmentFee_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_InterestExpensesNetOfCapitalizedInterest" xlink:label="InterestExpensesNetOfCapitalizedInterest" xlink:title="InterestExpensesNetOfCapitalizedInterest" />
    <link:label xlink:type="resource" xlink:label="nat_InterestExpensesNetOfCapitalizedInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_InterestExpensesNetOfCapitalizedInterest_lbl" xml:lang="en-US" id="nat_InterestExpensesNetOfCapitalizedInterest_lbl">The amount of interest expenses for net of capitalized interest during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpensesNetOfCapitalizedInterest" xlink:to="nat_InterestExpensesNetOfCapitalizedInterest_lbl" xlink:title="label: InterestExpensesNetOfCapitalizedInterest to nat_InterestExpensesNetOfCapitalizedInterest_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_InterestExpensesNetOfCapitalizedInterest_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_InterestExpensesNetOfCapitalizedInterest_lbl1" xml:lang="en-US" id="nat_InterestExpensesNetOfCapitalizedInterest_lbl1">Interest Expenses, Net of Capitalized Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpensesNetOfCapitalizedInterest" xlink:to="nat_InterestExpensesNetOfCapitalizedInterest_lbl1" xlink:title="label: InterestExpensesNetOfCapitalizedInterest to nat_InterestExpensesNetOfCapitalizedInterest_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_InterestExpensesNetOfCapitalizedInterest_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_InterestExpensesNetOfCapitalizedInterest_lbl2" xml:lang="en-US" id="nat_InterestExpensesNetOfCapitalizedInterest_lbl2">Interest Expenses, net of capitalized interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpensesNetOfCapitalizedInterest" xlink:to="nat_InterestExpensesNetOfCapitalizedInterest_lbl2" xlink:title="label: InterestExpensesNetOfCapitalizedInterest to nat_InterestExpensesNetOfCapitalizedInterest_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_SeniorSecuredCreditFacilityFairValueDisclosure" xlink:label="SeniorSecuredCreditFacilityFairValueDisclosure" xlink:title="SeniorSecuredCreditFacilityFairValueDisclosure" />
    <link:label xlink:type="resource" xlink:label="nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl" xml:lang="en-US" id="nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl">Fair value portion of contractual arrangement with a lender under which borrowings can be made up to a specific amount at any point in time.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeniorSecuredCreditFacilityFairValueDisclosure" xlink:to="nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl" xlink:title="label: SeniorSecuredCreditFacilityFairValueDisclosure to nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl1" xml:lang="en-US" id="nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl1">Senior Secured Credit Facility, Fair Value Disclosure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeniorSecuredCreditFacilityFairValueDisclosure" xlink:to="nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl1" xlink:title="label: SeniorSecuredCreditFacilityFairValueDisclosure to nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl2" xml:lang="en-US" id="nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl2">2019 Senior Secured Credit Facility</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeniorSecuredCreditFacilityFairValueDisclosure" xlink:to="nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl2" xlink:title="label: SeniorSecuredCreditFacilityFairValueDisclosure to nat_SeniorSecuredCreditFacilityFairValueDisclosure_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_RestrictedCashFairValueDisclosure" xlink:label="RestrictedCashFairValueDisclosure" xlink:title="RestrictedCashFairValueDisclosure" />
    <link:label xlink:type="resource" xlink:label="nat_RestrictedCashFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_RestrictedCashFairValueDisclosure_lbl" xml:lang="en-US" id="nat_RestrictedCashFairValueDisclosure_lbl">Fair value portion of restricted cash.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedCashFairValueDisclosure" xlink:to="nat_RestrictedCashFairValueDisclosure_lbl" xlink:title="label: RestrictedCashFairValueDisclosure to nat_RestrictedCashFairValueDisclosure_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_RestrictedCashFairValueDisclosure_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_RestrictedCashFairValueDisclosure_lbl1" xml:lang="en-US" id="nat_RestrictedCashFairValueDisclosure_lbl1">Restricted Cash, Fair Value Disclosure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedCashFairValueDisclosure" xlink:to="nat_RestrictedCashFairValueDisclosure_lbl1" xlink:title="label: RestrictedCashFairValueDisclosure to nat_RestrictedCashFairValueDisclosure_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_RestrictedCashFairValueDisclosure_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_RestrictedCashFairValueDisclosure_lbl2" xml:lang="en-US" id="nat_RestrictedCashFairValueDisclosure_lbl2">Restricted Cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedCashFairValueDisclosure" xlink:to="nat_RestrictedCashFairValueDisclosure_lbl2" xlink:title="label: RestrictedCashFairValueDisclosure to nat_RestrictedCashFairValueDisclosure_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_InterestExpenseOnLongTermDebtTableTextBlock" xlink:label="InterestExpenseOnLongTermDebtTableTextBlock" xlink:title="InterestExpenseOnLongTermDebtTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl" xml:lang="en-US" id="nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl">Tabular disclosure of interest expense.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnLongTermDebtTableTextBlock" xlink:to="nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl" xlink:title="label: InterestExpenseOnLongTermDebtTableTextBlock to nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl1" xml:lang="en-US" id="nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl1">Interest Expense on Long-term Debt [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnLongTermDebtTableTextBlock" xlink:to="nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl1" xlink:title="label: InterestExpenseOnLongTermDebtTableTextBlock to nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl2" xml:lang="en-US" id="nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl2">Interest Expense on Long-term Debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnLongTermDebtTableTextBlock" xlink:to="nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl2" xlink:title="label: InterestExpenseOnLongTermDebtTableTextBlock to nat_InterestExpenseOnLongTermDebtTableTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_EquityMethodInvestmentAbstract" xlink:label="EquityMethodInvestmentAbstract" xlink:title="EquityMethodInvestmentAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EquityMethodInvestmentAbstract_lbl1" xml:lang="en-US" id="nat_EquityMethodInvestmentAbstract_lbl1">Equity Method Investment [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentAbstract" xlink:to="nat_EquityMethodInvestmentAbstract_lbl1" xlink:title="label: EquityMethodInvestmentAbstract to nat_EquityMethodInvestmentAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_EquityMethodInvestmentsCarryingValue" xlink:label="EquityMethodInvestmentsCarryingValue" xlink:title="EquityMethodInvestmentsCarryingValue" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentsCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_EquityMethodInvestmentsCarryingValue_lbl" xml:lang="en-US" id="nat_EquityMethodInvestmentsCarryingValue_lbl">This element represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentsCarryingValue" xlink:to="nat_EquityMethodInvestmentsCarryingValue_lbl" xlink:title="label: EquityMethodInvestmentsCarryingValue to nat_EquityMethodInvestmentsCarryingValue_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentsCarryingValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EquityMethodInvestmentsCarryingValue_lbl1" xml:lang="en-US" id="nat_EquityMethodInvestmentsCarryingValue_lbl1">Equity Method Investments, Carrying Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentsCarryingValue" xlink:to="nat_EquityMethodInvestmentsCarryingValue_lbl1" xlink:title="label: EquityMethodInvestmentsCarryingValue to nat_EquityMethodInvestmentsCarryingValue_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_EquityMethodInvestmentsCarryingValue_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_EquityMethodInvestmentsCarryingValue_lbl2" xml:lang="en-US" id="nat_EquityMethodInvestmentsCarryingValue_lbl2">Carrying value of investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentsCarryingValue" xlink:to="nat_EquityMethodInvestmentsCarryingValue_lbl2" xlink:title="label: EquityMethodInvestmentsCarryingValue to nat_EquityMethodInvestmentsCarryingValue_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_VesselsUnderOperations" xlink:label="VesselsUnderOperations" xlink:title="VesselsUnderOperations" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsUnderOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VesselsUnderOperations_lbl" xml:lang="en-US" id="nat_VesselsUnderOperations_lbl">The number of vessels under the operational management at of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsUnderOperations" xlink:to="nat_VesselsUnderOperations_lbl" xlink:title="label: VesselsUnderOperations to nat_VesselsUnderOperations_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsUnderOperations_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VesselsUnderOperations_lbl1" xml:lang="en-US" id="nat_VesselsUnderOperations_lbl1">Vessels under operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsUnderOperations" xlink:to="nat_VesselsUnderOperations_lbl1" xlink:title="label: VesselsUnderOperations to nat_VesselsUnderOperations_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsUnderOperations_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_VesselsUnderOperations_lbl2" xml:lang="en-US" id="nat_VesselsUnderOperations_lbl2">Number of vessels operated</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsUnderOperations" xlink:to="nat_VesselsUnderOperations_lbl2" xlink:title="label: VesselsUnderOperations to nat_VesselsUnderOperations_lbl2" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsUnderOperations_lbl3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_VesselsUnderOperations_lbl3" xml:lang="en-US" id="nat_VesselsUnderOperations_lbl3">Number of vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsUnderOperations" xlink:to="nat_VesselsUnderOperations_lbl3" xlink:title="label: VesselsUnderOperations to nat_VesselsUnderOperations_lbl3" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NumberOfSharesHeld" xlink:label="NumberOfSharesHeld" xlink:title="NumberOfSharesHeld" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfSharesHeld_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfSharesHeld_lbl" xml:lang="en-US" id="nat_NumberOfSharesHeld_lbl">Number of shares held as of balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesHeld" xlink:to="nat_NumberOfSharesHeld_lbl" xlink:title="label: NumberOfSharesHeld to nat_NumberOfSharesHeld_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfSharesHeld_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfSharesHeld_lbl1" xml:lang="en-US" id="nat_NumberOfSharesHeld_lbl1">Number of Shares Held</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesHeld" xlink:to="nat_NumberOfSharesHeld_lbl1" xlink:title="label: NumberOfSharesHeld to nat_NumberOfSharesHeld_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfSharesHeld_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfSharesHeld_lbl2" xml:lang="en-US" id="nat_NumberOfSharesHeld_lbl2">Number of shares held (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesHeld" xlink:to="nat_NumberOfSharesHeld_lbl2" xlink:title="label: NumberOfSharesHeld to nat_NumberOfSharesHeld_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_PlatformSupplyVesselsMember" xlink:label="PlatformSupplyVesselsMember" xlink:title="PlatformSupplyVesselsMember" />
    <link:label xlink:type="resource" xlink:label="nat_PlatformSupplyVesselsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PlatformSupplyVesselsMember_lbl" xml:lang="en-US" id="nat_PlatformSupplyVesselsMember_lbl">Type of vessels.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlatformSupplyVesselsMember" xlink:to="nat_PlatformSupplyVesselsMember_lbl" xlink:title="label: PlatformSupplyVesselsMember to nat_PlatformSupplyVesselsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PlatformSupplyVesselsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PlatformSupplyVesselsMember_lbl1" xml:lang="en-US" id="nat_PlatformSupplyVesselsMember_lbl1">Platform Supply Vessels [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlatformSupplyVesselsMember" xlink:to="nat_PlatformSupplyVesselsMember_lbl1" xlink:title="label: PlatformSupplyVesselsMember to nat_PlatformSupplyVesselsMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_CrewBoatsMember" xlink:label="CrewBoatsMember" xlink:title="CrewBoatsMember" />
    <link:label xlink:type="resource" xlink:label="nat_CrewBoatsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CrewBoatsMember_lbl" xml:lang="en-US" id="nat_CrewBoatsMember_lbl">Type of vessels.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CrewBoatsMember" xlink:to="nat_CrewBoatsMember_lbl" xlink:title="label: CrewBoatsMember to nat_CrewBoatsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CrewBoatsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CrewBoatsMember_lbl1" xml:lang="en-US" id="nat_CrewBoatsMember_lbl1">Crew Boats [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CrewBoatsMember" xlink:to="nat_CrewBoatsMember_lbl1" xlink:title="label: CrewBoatsMember to nat_CrewBoatsMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_AnchorHandlingVesselsMember" xlink:label="AnchorHandlingVesselsMember" xlink:title="AnchorHandlingVesselsMember" />
    <link:label xlink:type="resource" xlink:label="nat_AnchorHandlingVesselsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AnchorHandlingVesselsMember_lbl" xml:lang="en-US" id="nat_AnchorHandlingVesselsMember_lbl">Type of vessel.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnchorHandlingVesselsMember" xlink:to="nat_AnchorHandlingVesselsMember_lbl" xlink:title="label: AnchorHandlingVesselsMember to nat_AnchorHandlingVesselsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AnchorHandlingVesselsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AnchorHandlingVesselsMember_lbl1" xml:lang="en-US" id="nat_AnchorHandlingVesselsMember_lbl1">Anchor Handling Vessels [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnchorHandlingVesselsMember" xlink:to="nat_AnchorHandlingVesselsMember_lbl1" xlink:title="label: AnchorHandlingVesselsMember to nat_AnchorHandlingVesselsMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AnchorHandlingVesselsMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AnchorHandlingVesselsMember_lbl2" xml:lang="en-US" id="nat_AnchorHandlingVesselsMember_lbl2">Anchor Handling Vessels [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnchorHandlingVesselsMember" xlink:to="nat_AnchorHandlingVesselsMember_lbl2" xlink:title="label: AnchorHandlingVesselsMember to nat_AnchorHandlingVesselsMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicAmericanOffshoreLimitedMember" xlink:label="NordicAmericanOffshoreLimitedMember" xlink:title="NordicAmericanOffshoreLimitedMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicAmericanOffshoreLimitedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicAmericanOffshoreLimitedMember_lbl" xml:lang="en-US" id="nat_NordicAmericanOffshoreLimitedMember_lbl">Refers to entity Nordic American Offshore Limited, with Management Agreement with the Company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicAmericanOffshoreLimitedMember" xlink:to="nat_NordicAmericanOffshoreLimitedMember_lbl" xlink:title="label: NordicAmericanOffshoreLimitedMember to nat_NordicAmericanOffshoreLimitedMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicAmericanOffshoreLimitedMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicAmericanOffshoreLimitedMember_lbl1" xml:lang="en-US" id="nat_NordicAmericanOffshoreLimitedMember_lbl1">Nordic American Offshore Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicAmericanOffshoreLimitedMember" xlink:to="nat_NordicAmericanOffshoreLimitedMember_lbl1" xlink:title="label: NordicAmericanOffshoreLimitedMember to nat_NordicAmericanOffshoreLimitedMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NordicAmericanOffshoreLimitedMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NordicAmericanOffshoreLimitedMember_lbl2" xml:lang="en-US" id="nat_NordicAmericanOffshoreLimitedMember_lbl2">Nordic American Offshore Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicAmericanOffshoreLimitedMember" xlink:to="nat_NordicAmericanOffshoreLimitedMember_lbl2" xlink:title="label: NordicAmericanOffshoreLimitedMember to nat_NordicAmericanOffshoreLimitedMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_HermitageOffshoreServicesLimitedMember" xlink:label="HermitageOffshoreServicesLimitedMember" xlink:title="HermitageOffshoreServicesLimitedMember" />
    <link:label xlink:type="resource" xlink:label="nat_HermitageOffshoreServicesLimitedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_HermitageOffshoreServicesLimitedMember_lbl" xml:lang="en-US" id="nat_HermitageOffshoreServicesLimitedMember_lbl">Entity with management agreement with the company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HermitageOffshoreServicesLimitedMember" xlink:to="nat_HermitageOffshoreServicesLimitedMember_lbl" xlink:title="label: HermitageOffshoreServicesLimitedMember to nat_HermitageOffshoreServicesLimitedMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_HermitageOffshoreServicesLimitedMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_HermitageOffshoreServicesLimitedMember_lbl1" xml:lang="en-US" id="nat_HermitageOffshoreServicesLimitedMember_lbl1">Hermitage Offshore Services Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HermitageOffshoreServicesLimitedMember" xlink:to="nat_HermitageOffshoreServicesLimitedMember_lbl1" xlink:title="label: HermitageOffshoreServicesLimitedMember to nat_HermitageOffshoreServicesLimitedMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_HermitageOffshoreServicesLimitedMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_HermitageOffshoreServicesLimitedMember_lbl2" xml:lang="en-US" id="nat_HermitageOffshoreServicesLimitedMember_lbl2">Hermitage Offshore Services Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HermitageOffshoreServicesLimitedMember" xlink:to="nat_HermitageOffshoreServicesLimitedMember_lbl2" xlink:title="label: HermitageOffshoreServicesLimitedMember to nat_HermitageOffshoreServicesLimitedMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_SharesHeldPercentageOfCommonStockOutstanding" xlink:label="SharesHeldPercentageOfCommonStockOutstanding" xlink:title="SharesHeldPercentageOfCommonStockOutstanding" />
    <link:label xlink:type="resource" xlink:label="nat_SharesHeldPercentageOfCommonStockOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_SharesHeldPercentageOfCommonStockOutstanding_lbl" xml:lang="en-US" id="nat_SharesHeldPercentageOfCommonStockOutstanding_lbl">Shares held percentage of common stock shares outstanding.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesHeldPercentageOfCommonStockOutstanding" xlink:to="nat_SharesHeldPercentageOfCommonStockOutstanding_lbl" xlink:title="label: SharesHeldPercentageOfCommonStockOutstanding to nat_SharesHeldPercentageOfCommonStockOutstanding_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_SharesHeldPercentageOfCommonStockOutstanding_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_SharesHeldPercentageOfCommonStockOutstanding_lbl1" xml:lang="en-US" id="nat_SharesHeldPercentageOfCommonStockOutstanding_lbl1">Shares Held Percentage of Common Stock Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesHeldPercentageOfCommonStockOutstanding" xlink:to="nat_SharesHeldPercentageOfCommonStockOutstanding_lbl1" xlink:title="label: SharesHeldPercentageOfCommonStockOutstanding to nat_SharesHeldPercentageOfCommonStockOutstanding_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_SharesHeldPercentageOfCommonStockOutstanding_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_SharesHeldPercentageOfCommonStockOutstanding_lbl2" xml:lang="en-US" id="nat_SharesHeldPercentageOfCommonStockOutstanding_lbl2">Shares held percentage of common stock outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesHeldPercentageOfCommonStockOutstanding" xlink:to="nat_SharesHeldPercentageOfCommonStockOutstanding_lbl2" xlink:title="label: SharesHeldPercentageOfCommonStockOutstanding to nat_SharesHeldPercentageOfCommonStockOutstanding_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_RelatedPartyAbstract" xlink:label="RelatedPartyAbstract" xlink:title="RelatedPartyAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_RelatedPartyAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_RelatedPartyAbstract_lbl1" xml:lang="en-US" id="nat_RelatedPartyAbstract_lbl1">Related Party [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyAbstract" xlink:to="nat_RelatedPartyAbstract_lbl1" xlink:title="label: RelatedPartyAbstract to nat_RelatedPartyAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:label="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:title="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" />
    <link:label xlink:type="resource" xlink:label="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl" xml:lang="en-US" id="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl">Amount of management fee received during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:to="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl" xlink:title="label: RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod to nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl1" xml:lang="en-US" id="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl1">Related Party Transaction, Amount of management fee received during the period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:to="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl1" xlink:title="label: RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod to nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl2" xml:lang="en-US" id="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl2">Management fee received</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod" xlink:to="nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl2" xlink:title="label: RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod to nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DividendsReceivedFromAssociate" xlink:label="DividendsReceivedFromAssociate" xlink:title="DividendsReceivedFromAssociate" />
    <link:label xlink:type="resource" xlink:label="nat_DividendsReceivedFromAssociate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DividendsReceivedFromAssociate_lbl" xml:lang="en-US" id="nat_DividendsReceivedFromAssociate_lbl">Dividends received from associates, classified as investing activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedFromAssociate" xlink:to="nat_DividendsReceivedFromAssociate_lbl" xlink:title="label: DividendsReceivedFromAssociate to nat_DividendsReceivedFromAssociate_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DividendsReceivedFromAssociate_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DividendsReceivedFromAssociate_lbl1" xml:lang="en-US" id="nat_DividendsReceivedFromAssociate_lbl1">Dividends received from Associate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedFromAssociate" xlink:to="nat_DividendsReceivedFromAssociate_lbl1" xlink:title="label: DividendsReceivedFromAssociate to nat_DividendsReceivedFromAssociate_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_FairValueOfSharesDistributedAsDividendInKind" xlink:label="FairValueOfSharesDistributedAsDividendInKind" xlink:title="FairValueOfSharesDistributedAsDividendInKind" />
    <link:label xlink:type="resource" xlink:label="nat_FairValueOfSharesDistributedAsDividendInKind_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_FairValueOfSharesDistributedAsDividendInKind_lbl" xml:lang="en-US" id="nat_FairValueOfSharesDistributedAsDividendInKind_lbl">The fair value of shares distributed as dividend in kind in noncash investing or financing activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfSharesDistributedAsDividendInKind" xlink:to="nat_FairValueOfSharesDistributedAsDividendInKind_lbl" xlink:title="label: FairValueOfSharesDistributedAsDividendInKind to nat_FairValueOfSharesDistributedAsDividendInKind_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_FairValueOfSharesDistributedAsDividendInKind_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_FairValueOfSharesDistributedAsDividendInKind_lbl1" xml:lang="en-US" id="nat_FairValueOfSharesDistributedAsDividendInKind_lbl1">Fair Value of Shares Distributed as Dividend in Kind</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfSharesDistributedAsDividendInKind" xlink:to="nat_FairValueOfSharesDistributedAsDividendInKind_lbl1" xlink:title="label: FairValueOfSharesDistributedAsDividendInKind to nat_FairValueOfSharesDistributedAsDividendInKind_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_FairValueOfSharesDistributedAsDividendInKind_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_FairValueOfSharesDistributedAsDividendInKind_lbl2" xml:lang="en-US" id="nat_FairValueOfSharesDistributedAsDividendInKind_lbl2">Fair Value of Shares Distributed as Dividend in Kind</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfSharesDistributedAsDividendInKind" xlink:to="nat_FairValueOfSharesDistributedAsDividendInKind_lbl2" xlink:title="label: FairValueOfSharesDistributedAsDividendInKind to nat_FairValueOfSharesDistributedAsDividendInKind_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DryDockExpenditures" xlink:label="DryDockExpenditures" xlink:title="DryDockExpenditures" />
    <link:label xlink:type="resource" xlink:label="nat_DryDockExpenditures_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DryDockExpenditures_lbl" xml:lang="en-US" id="nat_DryDockExpenditures_lbl">Refers to expenditure incurred in vessel dry-docking.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DryDockExpenditures" xlink:to="nat_DryDockExpenditures_lbl" xlink:title="label: DryDockExpenditures to nat_DryDockExpenditures_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DryDockExpenditures_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DryDockExpenditures_lbl1" xml:lang="en-US" id="nat_DryDockExpenditures_lbl1">Dry dock Expenditures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DryDockExpenditures" xlink:to="nat_DryDockExpenditures_lbl1" xlink:title="label: DryDockExpenditures to nat_DryDockExpenditures_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DryDockExpenditures_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_DryDockExpenditures_lbl2" xml:lang="en-US" id="nat_DryDockExpenditures_lbl2">Drydock Expenditure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DryDockExpenditures" xlink:to="nat_DryDockExpenditures_lbl2" xlink:title="label: DryDockExpenditures to nat_DryDockExpenditures_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_ChangeInFairValueOfInvestmentSecurities" xlink:label="ChangeInFairValueOfInvestmentSecurities" xlink:title="ChangeInFairValueOfInvestmentSecurities" />
    <link:label xlink:type="resource" xlink:label="nat_ChangeInFairValueOfInvestmentSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ChangeInFairValueOfInvestmentSecurities_lbl" xml:lang="en-US" id="nat_ChangeInFairValueOfInvestmentSecurities_lbl">The amount of increase (decrease) in fair value of investment securities during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInFairValueOfInvestmentSecurities" xlink:to="nat_ChangeInFairValueOfInvestmentSecurities_lbl" xlink:title="label: ChangeInFairValueOfInvestmentSecurities to nat_ChangeInFairValueOfInvestmentSecurities_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ChangeInFairValueOfInvestmentSecurities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ChangeInFairValueOfInvestmentSecurities_lbl1" xml:lang="en-US" id="nat_ChangeInFairValueOfInvestmentSecurities_lbl1">Change in Fair Value of Investment Securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInFairValueOfInvestmentSecurities" xlink:to="nat_ChangeInFairValueOfInvestmentSecurities_lbl1" xlink:title="label: ChangeInFairValueOfInvestmentSecurities to nat_ChangeInFairValueOfInvestmentSecurities_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_ChangeInFairValueOfInvestmentSecurities_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_ChangeInFairValueOfInvestmentSecurities_lbl2" xml:lang="en-US" id="nat_ChangeInFairValueOfInvestmentSecurities_lbl2">Change in Fair Value of Investment Securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInFairValueOfInvestmentSecurities" xlink:to="nat_ChangeInFairValueOfInvestmentSecurities_lbl2" xlink:title="label: ChangeInFairValueOfInvestmentSecurities to nat_ChangeInFairValueOfInvestmentSecurities_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_ProceedsFromVesselFinancingNewbuildings" xlink:label="ProceedsFromVesselFinancingNewbuildings" xlink:title="ProceedsFromVesselFinancingNewbuildings" />
    <link:label xlink:type="resource" xlink:label="nat_ProceedsFromVesselFinancingNewbuildings_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ProceedsFromVesselFinancingNewbuildings_lbl" xml:lang="en-US" id="nat_ProceedsFromVesselFinancingNewbuildings_lbl">Amount of cash inflow from vessel financing new building, classified as financing activity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromVesselFinancingNewbuildings" xlink:to="nat_ProceedsFromVesselFinancingNewbuildings_lbl" xlink:title="label: ProceedsFromVesselFinancingNewbuildings to nat_ProceedsFromVesselFinancingNewbuildings_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ProceedsFromVesselFinancingNewbuildings_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ProceedsFromVesselFinancingNewbuildings_lbl1" xml:lang="en-US" id="nat_ProceedsFromVesselFinancingNewbuildings_lbl1">Proceeds From Vessel Financing Newbuilding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromVesselFinancingNewbuildings" xlink:to="nat_ProceedsFromVesselFinancingNewbuildings_lbl1" xlink:title="label: ProceedsFromVesselFinancingNewbuildings to nat_ProceedsFromVesselFinancingNewbuildings_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_ProceedsFromVesselFinancingNewbuildings_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_ProceedsFromVesselFinancingNewbuildings_lbl2" xml:lang="en-US" id="nat_ProceedsFromVesselFinancingNewbuildings_lbl2">Proceeds from Vessel Financing Newbuildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromVesselFinancingNewbuildings" xlink:to="nat_ProceedsFromVesselFinancingNewbuildings_lbl2" xlink:title="label: ProceedsFromVesselFinancingNewbuildings to nat_ProceedsFromVesselFinancingNewbuildings_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_RepaymentOfVesselFinancingNewBuildings" xlink:label="RepaymentOfVesselFinancingNewBuildings" xlink:title="RepaymentOfVesselFinancingNewBuildings" />
    <link:label xlink:type="resource" xlink:label="nat_RepaymentOfVesselFinancingNewBuildings_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_RepaymentOfVesselFinancingNewBuildings_lbl" xml:lang="en-US" id="nat_RepaymentOfVesselFinancingNewBuildings_lbl">Amount of cash outflow for repayment of vessel financing new building s, classified as financing activity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentOfVesselFinancingNewBuildings" xlink:to="nat_RepaymentOfVesselFinancingNewBuildings_lbl" xlink:title="label: RepaymentOfVesselFinancingNewBuildings to nat_RepaymentOfVesselFinancingNewBuildings_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_RepaymentOfVesselFinancingNewBuildings_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_RepaymentOfVesselFinancingNewBuildings_lbl1" xml:lang="en-US" id="nat_RepaymentOfVesselFinancingNewBuildings_lbl1">Repayment of Vessel Financing New Buildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentOfVesselFinancingNewBuildings" xlink:to="nat_RepaymentOfVesselFinancingNewBuildings_lbl1" xlink:title="label: RepaymentOfVesselFinancingNewBuildings to nat_RepaymentOfVesselFinancingNewBuildings_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_RepaymentOfVesselFinancingNewBuildings_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="nat_RepaymentOfVesselFinancingNewBuildings_lbl2" xml:lang="en-US" id="nat_RepaymentOfVesselFinancingNewBuildings_lbl2">Repayment of Vessel financing 2018 Newbuildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentOfVesselFinancingNewBuildings" xlink:to="nat_RepaymentOfVesselFinancingNewBuildings_lbl2" xlink:title="label: RepaymentOfVesselFinancingNewBuildings to nat_RepaymentOfVesselFinancingNewBuildings_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_ShareholdersRightsPlanAbstract" xlink:label="ShareholdersRightsPlanAbstract" xlink:title="ShareholdersRightsPlanAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_ShareholdersRightsPlanAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ShareholdersRightsPlanAbstract_lbl1" xml:lang="en-US" id="nat_ShareholdersRightsPlanAbstract_lbl1">Shareholders' Rights Plan [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersRightsPlanAbstract" xlink:to="nat_ShareholdersRightsPlanAbstract_lbl1" xlink:title="label: ShareholdersRightsPlanAbstract to nat_ShareholdersRightsPlanAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_PercentageOfCommonShareOwnership" xlink:label="PercentageOfCommonShareOwnership" xlink:title="PercentageOfCommonShareOwnership" />
    <link:label xlink:type="resource" xlink:label="nat_PercentageOfCommonShareOwnership_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PercentageOfCommonShareOwnership_lbl" xml:lang="en-US" id="nat_PercentageOfCommonShareOwnership_lbl">The percentage of common share ownership by any person that are subject to the entity's redemption of preferred share purchase rights.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCommonShareOwnership" xlink:to="nat_PercentageOfCommonShareOwnership_lbl" xlink:title="label: PercentageOfCommonShareOwnership to nat_PercentageOfCommonShareOwnership_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PercentageOfCommonShareOwnership_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PercentageOfCommonShareOwnership_lbl1" xml:lang="en-US" id="nat_PercentageOfCommonShareOwnership_lbl1">Percentage of common share ownership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCommonShareOwnership" xlink:to="nat_PercentageOfCommonShareOwnership_lbl1" xlink:title="label: PercentageOfCommonShareOwnership to nat_PercentageOfCommonShareOwnership_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_PercentageOfCommonShareOwnership_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_PercentageOfCommonShareOwnership_lbl2" xml:lang="en-US" id="nat_PercentageOfCommonShareOwnership_lbl2">Percentage of common share ownership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCommonShareOwnership" xlink:to="nat_PercentageOfCommonShareOwnership_lbl2" xlink:title="label: PercentageOfCommonShareOwnership to nat_PercentageOfCommonShareOwnership_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_PreferredSharePurchaseRight" xlink:label="PreferredSharePurchaseRight" xlink:title="PreferredSharePurchaseRight" />
    <link:label xlink:type="resource" xlink:label="nat_PreferredSharePurchaseRight_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PreferredSharePurchaseRight_lbl" xml:lang="en-US" id="nat_PreferredSharePurchaseRight_lbl">Refers to a dividend of one preferred share purchase right to acquire shares of preferred stock.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredSharePurchaseRight" xlink:to="nat_PreferredSharePurchaseRight_lbl" xlink:title="label: PreferredSharePurchaseRight to nat_PreferredSharePurchaseRight_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PreferredSharePurchaseRight_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PreferredSharePurchaseRight_lbl1" xml:lang="en-US" id="nat_PreferredSharePurchaseRight_lbl1">Preferred share purchase right</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredSharePurchaseRight" xlink:to="nat_PreferredSharePurchaseRight_lbl1" xlink:title="label: PreferredSharePurchaseRight to nat_PreferredSharePurchaseRight_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_SharePremiumFund" xlink:label="SharePremiumFund" xlink:title="SharePremiumFund" />
    <link:label xlink:type="resource" xlink:label="nat_SharePremiumFund_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_SharePremiumFund_lbl" xml:lang="en-US" id="nat_SharePremiumFund_lbl">Amount included in additional paid in capital, which cannot be distributed without certain legal procedures designed to protect the creditors of the Company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremiumFund" xlink:to="nat_SharePremiumFund_lbl" xlink:title="label: SharePremiumFund to nat_SharePremiumFund_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_SharePremiumFund_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_SharePremiumFund_lbl1" xml:lang="en-US" id="nat_SharePremiumFund_lbl1">Share Premium Fund</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremiumFund" xlink:to="nat_SharePremiumFund_lbl1" xlink:title="label: SharePremiumFund to nat_SharePremiumFund_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_SharePremiumFund_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_SharePremiumFund_lbl2" xml:lang="en-US" id="nat_SharePremiumFund_lbl2">Share premium fund</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremiumFund" xlink:to="nat_SharePremiumFund_lbl2" xlink:title="label: SharePremiumFund to nat_SharePremiumFund_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_ReductionOfSharePremium" xlink:label="ReductionOfSharePremium" xlink:title="ReductionOfSharePremium" />
    <link:label xlink:type="resource" xlink:label="nat_ReductionOfSharePremium_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ReductionOfSharePremium_lbl" xml:lang="en-US" id="nat_ReductionOfSharePremium_lbl">The reduction in additional paid-in capital for amounts transferred to contributed surplus.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReductionOfSharePremium" xlink:to="nat_ReductionOfSharePremium_lbl" xlink:title="label: ReductionOfSharePremium to nat_ReductionOfSharePremium_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ReductionOfSharePremium_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ReductionOfSharePremium_lbl1" xml:lang="en-US" id="nat_ReductionOfSharePremium_lbl1">Reduction of share premium</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReductionOfSharePremium" xlink:to="nat_ReductionOfSharePremium_lbl1" xlink:title="label: ReductionOfSharePremium to nat_ReductionOfSharePremium_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_ReductionOfSharePremium_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="nat_ReductionOfSharePremium_lbl2" xml:lang="en-US" id="nat_ReductionOfSharePremium_lbl2">Reduction of share premium</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReductionOfSharePremium" xlink:to="nat_ReductionOfSharePremium_lbl2" xlink:title="label: ReductionOfSharePremium to nat_ReductionOfSharePremium_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_IssuedAndOutstandingSharesRollForward" xlink:label="IssuedAndOutstandingSharesRollForward" xlink:title="IssuedAndOutstandingSharesRollForward" />
    <link:label xlink:type="resource" xlink:label="nat_IssuedAndOutstandingSharesRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_IssuedAndOutstandingSharesRollForward_lbl" xml:lang="en-US" id="nat_IssuedAndOutstandingSharesRollForward_lbl">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedAndOutstandingSharesRollForward" xlink:to="nat_IssuedAndOutstandingSharesRollForward_lbl" xlink:title="label: IssuedAndOutstandingSharesRollForward to nat_IssuedAndOutstandingSharesRollForward_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_IssuedAndOutstandingSharesRollForward_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_IssuedAndOutstandingSharesRollForward_lbl1" xml:lang="en-US" id="nat_IssuedAndOutstandingSharesRollForward_lbl1">Issued and Outstanding Shares [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedAndOutstandingSharesRollForward" xlink:to="nat_IssuedAndOutstandingSharesRollForward_lbl1" xlink:title="label: IssuedAndOutstandingSharesRollForward to nat_IssuedAndOutstandingSharesRollForward_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_IssuedAndOutstandingSharesRollForward_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_IssuedAndOutstandingSharesRollForward_lbl2" xml:lang="en-US" id="nat_IssuedAndOutstandingSharesRollForward_lbl2">Issued and Outstanding Shares [Roll forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedAndOutstandingSharesRollForward" xlink:to="nat_IssuedAndOutstandingSharesRollForward_lbl2" xlink:title="label: IssuedAndOutstandingSharesRollForward to nat_IssuedAndOutstandingSharesRollForward_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_AuthorizedSharesRollForward" xlink:label="AuthorizedSharesRollForward" xlink:title="AuthorizedSharesRollForward" />
    <link:label xlink:type="resource" xlink:label="nat_AuthorizedSharesRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AuthorizedSharesRollForward_lbl" xml:lang="en-US" id="nat_AuthorizedSharesRollForward_lbl">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuthorizedSharesRollForward" xlink:to="nat_AuthorizedSharesRollForward_lbl" xlink:title="label: AuthorizedSharesRollForward to nat_AuthorizedSharesRollForward_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AuthorizedSharesRollForward_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AuthorizedSharesRollForward_lbl1" xml:lang="en-US" id="nat_AuthorizedSharesRollForward_lbl1">Authorized Shares [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuthorizedSharesRollForward" xlink:to="nat_AuthorizedSharesRollForward_lbl1" xlink:title="label: AuthorizedSharesRollForward to nat_AuthorizedSharesRollForward_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AuthorizedSharesRollForward_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_AuthorizedSharesRollForward_lbl2" xml:lang="en-US" id="nat_AuthorizedSharesRollForward_lbl2">Authorized Shares [Roll forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuthorizedSharesRollForward" xlink:to="nat_AuthorizedSharesRollForward_lbl2" xlink:title="label: AuthorizedSharesRollForward to nat_AuthorizedSharesRollForward_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NumberOfAdditionalSharesAuthorized" xlink:label="NumberOfAdditionalSharesAuthorized" xlink:title="NumberOfAdditionalSharesAuthorized" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfAdditionalSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfAdditionalSharesAuthorized_lbl" xml:lang="en-US" id="nat_NumberOfAdditionalSharesAuthorized_lbl">Number of additional shares authorized during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAdditionalSharesAuthorized" xlink:to="nat_NumberOfAdditionalSharesAuthorized_lbl" xlink:title="label: NumberOfAdditionalSharesAuthorized to nat_NumberOfAdditionalSharesAuthorized_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfAdditionalSharesAuthorized_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfAdditionalSharesAuthorized_lbl1" xml:lang="en-US" id="nat_NumberOfAdditionalSharesAuthorized_lbl1">Number of Additional Shares Authorized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAdditionalSharesAuthorized" xlink:to="nat_NumberOfAdditionalSharesAuthorized_lbl1" xlink:title="label: NumberOfAdditionalSharesAuthorized to nat_NumberOfAdditionalSharesAuthorized_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfAdditionalSharesAuthorized_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_NumberOfAdditionalSharesAuthorized_lbl2" xml:lang="en-US" id="nat_NumberOfAdditionalSharesAuthorized_lbl2">Authorization of additional authorized shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAdditionalSharesAuthorized" xlink:to="nat_NumberOfAdditionalSharesAuthorized_lbl2" xlink:title="label: NumberOfAdditionalSharesAuthorized to nat_NumberOfAdditionalSharesAuthorized_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_CommonStockRollForward" xlink:label="CommonStockRollForward" xlink:title="CommonStockRollForward" />
    <link:label xlink:type="resource" xlink:label="nat_CommonStockRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CommonStockRollForward_lbl" xml:lang="en-US" id="nat_CommonStockRollForward_lbl">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockRollForward" xlink:to="nat_CommonStockRollForward_lbl" xlink:title="label: CommonStockRollForward to nat_CommonStockRollForward_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CommonStockRollForward_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CommonStockRollForward_lbl1" xml:lang="en-US" id="nat_CommonStockRollForward_lbl1">Common Stock [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockRollForward" xlink:to="nat_CommonStockRollForward_lbl1" xlink:title="label: CommonStockRollForward to nat_CommonStockRollForward_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CommonStockRollForward_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_CommonStockRollForward_lbl2" xml:lang="en-US" id="nat_CommonStockRollForward_lbl2">Common Stock [Roll forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockRollForward" xlink:to="nat_CommonStockRollForward_lbl2" xlink:title="label: CommonStockRollForward to nat_CommonStockRollForward_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_ContributedSurplusAccountAbstract" xlink:label="ContributedSurplusAccountAbstract" xlink:title="ContributedSurplusAccountAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_ContributedSurplusAccountAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ContributedSurplusAccountAbstract_lbl1" xml:lang="en-US" id="nat_ContributedSurplusAccountAbstract_lbl1">Contributed Surplus Account [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributedSurplusAccountAbstract" xlink:to="nat_ContributedSurplusAccountAbstract_lbl1" xlink:title="label: ContributedSurplusAccountAbstract to nat_ContributedSurplusAccountAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_ReductionOfContributedSurplus" xlink:label="ReductionOfContributedSurplus" xlink:title="ReductionOfContributedSurplus" />
    <link:label xlink:type="resource" xlink:label="nat_ReductionOfContributedSurplus_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ReductionOfContributedSurplus_lbl" xml:lang="en-US" id="nat_ReductionOfContributedSurplus_lbl">Reduction of contributed surplus during the period to cover accumulated deficits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReductionOfContributedSurplus" xlink:to="nat_ReductionOfContributedSurplus_lbl" xlink:title="label: ReductionOfContributedSurplus to nat_ReductionOfContributedSurplus_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ReductionOfContributedSurplus_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ReductionOfContributedSurplus_lbl1" xml:lang="en-US" id="nat_ReductionOfContributedSurplus_lbl1">Reduction of Contributed Surplus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReductionOfContributedSurplus" xlink:to="nat_ReductionOfContributedSurplus_lbl1" xlink:title="label: ReductionOfContributedSurplus to nat_ReductionOfContributedSurplus_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_ReductionOfContributedSurplus_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="nat_ReductionOfContributedSurplus_lbl2" xml:lang="en-US" id="nat_ReductionOfContributedSurplus_lbl2">Reduction of contributed surplus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReductionOfContributedSurplus" xlink:to="nat_ReductionOfContributedSurplus_lbl2" xlink:title="label: ReductionOfContributedSurplus to nat_ReductionOfContributedSurplus_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_VesselsNetTableTextBlock" xlink:label="VesselsNetTableTextBlock" xlink:title="VesselsNetTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNetTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VesselsNetTableTextBlock_lbl" xml:lang="en-US" id="nat_VesselsNetTableTextBlock_lbl">Tabular disclosure of net book value, accumulated depreciation, and depreciation expense of vessels that are used in the normal conduct of business and not intended for resale.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNetTableTextBlock" xlink:to="nat_VesselsNetTableTextBlock_lbl" xlink:title="label: VesselsNetTableTextBlock to nat_VesselsNetTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNetTableTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VesselsNetTableTextBlock_lbl1" xml:lang="en-US" id="nat_VesselsNetTableTextBlock_lbl1">Vessels, Net [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNetTableTextBlock" xlink:to="nat_VesselsNetTableTextBlock_lbl1" xlink:title="label: VesselsNetTableTextBlock to nat_VesselsNetTableTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNetTableTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_VesselsNetTableTextBlock_lbl2" xml:lang="en-US" id="nat_VesselsNetTableTextBlock_lbl2">Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNetTableTextBlock" xlink:to="nat_VesselsNetTableTextBlock_lbl2" xlink:title="label: VesselsNetTableTextBlock to nat_VesselsNetTableTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_ContributedSurplusMember" xlink:label="ContributedSurplusMember" xlink:title="ContributedSurplusMember" />
    <link:label xlink:type="resource" xlink:label="nat_ContributedSurplusMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ContributedSurplusMember_lbl" xml:lang="en-US" id="nat_ContributedSurplusMember_lbl">Refers to the amount of capital from the issuance of shares above par value.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributedSurplusMember" xlink:to="nat_ContributedSurplusMember_lbl" xlink:title="label: ContributedSurplusMember to nat_ContributedSurplusMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ContributedSurplusMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ContributedSurplusMember_lbl1" xml:lang="en-US" id="nat_ContributedSurplusMember_lbl1">Contributed Surplus [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributedSurplusMember" xlink:to="nat_ContributedSurplusMember_lbl1" xlink:title="label: ContributedSurplusMember to nat_ContributedSurplusMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_ContributedSurplusMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_ContributedSurplusMember_lbl2" xml:lang="en-US" id="nat_ContributedSurplusMember_lbl2">Contributed Surplus [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributedSurplusMember" xlink:to="nat_ContributedSurplusMember_lbl2" xlink:title="label: ContributedSurplusMember to nat_ContributedSurplusMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:label="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:title="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" />
    <link:label xlink:type="resource" xlink:label="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl" xml:lang="en-US" id="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl">Schedule, table or text reflecting post retirement benefits with individual employees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:to="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl" xlink:title="label: ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable to nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl1" xml:lang="en-US" id="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl1">Schedule of Post Retirement Benefits With Individual Employees [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable" xlink:to="nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl1" xlink:title="label: ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable to nat_ScheduleOfPostRetirementBenefitsWithIndividualEmployeesTable_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:label="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:title="PostRetirementBenefitsWithIndividualEmployeesLineItems" />
    <link:label xlink:type="resource" xlink:label="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl" xml:lang="en-US" id="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl">Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl" xlink:title="label: PostRetirementBenefitsWithIndividualEmployeesLineItems to nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl1" xml:lang="en-US" id="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl1">Post Retirement Benefits With Individual Employees [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostRetirementBenefitsWithIndividualEmployeesLineItems" xlink:to="nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl1" xlink:title="label: PostRetirementBenefitsWithIndividualEmployeesLineItems to nat_PostRetirementBenefitsWithIndividualEmployeesLineItems_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_PostRetirementBenefitsAbstract" xlink:label="PostRetirementBenefitsAbstract" xlink:title="PostRetirementBenefitsAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_PostRetirementBenefitsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_PostRetirementBenefitsAbstract_lbl1" xml:lang="en-US" id="nat_PostRetirementBenefitsAbstract_lbl1">Post Retirement Benefits [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostRetirementBenefitsAbstract" xlink:to="nat_PostRetirementBenefitsAbstract_lbl1" xlink:title="label: PostRetirementBenefitsAbstract to nat_PostRetirementBenefitsAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:label="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:title="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl" xml:lang="en-US" id="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl">The maximum annual benefit as a percentage of salary at the time of retirement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:to="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl" xlink:title="label: DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary to nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl1" xml:lang="en-US" id="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl1">Deferred Compensation Liability, Maximum benefit as a percentage of salary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:to="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl1" xlink:title="label: DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary to nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl2" xml:lang="en-US" id="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl2">Maximum benefit as a percentage of salary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary" xlink:to="nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl2" xlink:title="label: DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary to nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DeferredCompensationLiabilityRetirementAge" xlink:label="DeferredCompensationLiabilityRetirementAge" xlink:title="DeferredCompensationLiabilityRetirementAge" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityRetirementAge_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DeferredCompensationLiabilityRetirementAge_lbl" xml:lang="en-US" id="nat_DeferredCompensationLiabilityRetirementAge_lbl">The required retirement age of plan participants.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityRetirementAge" xlink:to="nat_DeferredCompensationLiabilityRetirementAge_lbl" xlink:title="label: DeferredCompensationLiabilityRetirementAge to nat_DeferredCompensationLiabilityRetirementAge_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityRetirementAge_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DeferredCompensationLiabilityRetirementAge_lbl1" xml:lang="en-US" id="nat_DeferredCompensationLiabilityRetirementAge_lbl1">Deferred Compensation Liability, Retirement age</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityRetirementAge" xlink:to="nat_DeferredCompensationLiabilityRetirementAge_lbl1" xlink:title="label: DeferredCompensationLiabilityRetirementAge to nat_DeferredCompensationLiabilityRetirementAge_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DeferredCompensationLiabilityRetirementAge_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_DeferredCompensationLiabilityRetirementAge_lbl2" xml:lang="en-US" id="nat_DeferredCompensationLiabilityRetirementAge_lbl2">Retirement age</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCompensationLiabilityRetirementAge" xlink:to="nat_DeferredCompensationLiabilityRetirementAge_lbl2" xlink:title="label: DeferredCompensationLiabilityRetirementAge to nat_DeferredCompensationLiabilityRetirementAge_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_CEOAndCFOMember" xlink:label="CEOAndCFOMember" xlink:title="CEOAndCFOMember" />
    <link:label xlink:type="resource" xlink:label="nat_CEOAndCFOMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_CEOAndCFOMember_lbl" xml:lang="en-US" id="nat_CEOAndCFOMember_lbl">Refers to the highest ranking executive officer, who has ultimate managerial responsibility for the entity and who reports to the board of directors. In addition, the chief executive officer (CEO) may also be the chairman of the board or president. Also refers to senior executive officer responsible for overseeing the financial activities of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CEOAndCFOMember" xlink:to="nat_CEOAndCFOMember_lbl" xlink:title="label: CEOAndCFOMember to nat_CEOAndCFOMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_CEOAndCFOMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CEOAndCFOMember_lbl1" xml:lang="en-US" id="nat_CEOAndCFOMember_lbl1">CEO and CFO [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CEOAndCFOMember" xlink:to="nat_CEOAndCFOMember_lbl1" xlink:title="label: CEOAndCFOMember to nat_CEOAndCFOMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_CEOAndCFOMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_CEOAndCFOMember_lbl2" xml:lang="en-US" id="nat_CEOAndCFOMember_lbl2">Chief Executive Officer and Chief Financial Officer [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CEOAndCFOMember" xlink:to="nat_CEOAndCFOMember_lbl2" xlink:title="label: CEOAndCFOMember to nat_CEOAndCFOMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment" xlink:label="AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment" xlink:title="AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment" />
    <link:label xlink:type="resource" xlink:label="nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl" xml:lang="en-US" id="nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl">The amount of final settlement agreement to terminate the compensation agreement with a corresponding payment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment" xlink:to="nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl" xlink:title="label: AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment to nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl1" xml:lang="en-US" id="nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl1">Amount of Final Settlement Agreement to Terminate the Compensation Agreement with a Corresponding Payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment" xlink:to="nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl1" xlink:title="label: AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment to nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl2" xml:lang="en-US" id="nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl2">Amount of final settlement agreement to terminate the compensation agreement with a corresponding payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment" xlink:to="nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl2" xlink:title="label: AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment to nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons" xlink:label="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" xlink:title="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" />
    <link:label xlink:type="resource" xlink:label="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl" xml:lang="en-US" id="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl">Refers to the average approximate deadweight tons per vessel.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" xlink:to="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl" xlink:title="label: AverageApproximateDeadweightTonsPerVesselInDeadweightTons to nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl1" xml:lang="en-US" id="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl1">Average approximate deadweight tons per vessel (in deadweight tons)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" xlink:to="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl1" xlink:title="label: AverageApproximateDeadweightTonsPerVesselInDeadweightTons to nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl2" xml:lang="en-US" id="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl2">Average approximate deadweight tons per vessel</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageApproximateDeadweightTonsPerVesselInDeadweightTons" xlink:to="nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl2" xlink:title="label: AverageApproximateDeadweightTonsPerVesselInDeadweightTons to nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_TotalNumberOfVessels" xlink:label="TotalNumberOfVessels" xlink:title="TotalNumberOfVessels" />
    <link:label xlink:type="resource" xlink:label="nat_TotalNumberOfVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_TotalNumberOfVessels_lbl" xml:lang="en-US" id="nat_TotalNumberOfVessels_lbl">The total number of vessels during the period, which may include crude oil tankers and new vessels under construction to be used in the normal conduct of business and not intended for resale.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalNumberOfVessels" xlink:to="nat_TotalNumberOfVessels_lbl" xlink:title="label: TotalNumberOfVessels to nat_TotalNumberOfVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_TotalNumberOfVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_TotalNumberOfVessels_lbl1" xml:lang="en-US" id="nat_TotalNumberOfVessels_lbl1">Total number of vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalNumberOfVessels" xlink:to="nat_TotalNumberOfVessels_lbl1" xlink:title="label: TotalNumberOfVessels to nat_TotalNumberOfVessels_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicFreedomMember" xlink:label="NordicFreedomMember" xlink:title="NordicFreedomMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicFreedomMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicFreedomMember_lbl" xml:lang="en-US" id="nat_NordicFreedomMember_lbl">Refers to tanker vessel nordic freedom used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicFreedomMember" xlink:to="nat_NordicFreedomMember_lbl" xlink:title="label: NordicFreedomMember to nat_NordicFreedomMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicFreedomMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicFreedomMember_lbl1" xml:lang="en-US" id="nat_NordicFreedomMember_lbl1">Nordic Freedom [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicFreedomMember" xlink:to="nat_NordicFreedomMember_lbl1" xlink:title="label: NordicFreedomMember to nat_NordicFreedomMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicCrossMember" xlink:label="NordicCrossMember" xlink:title="NordicCrossMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCrossMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicCrossMember_lbl" xml:lang="en-US" id="nat_NordicCrossMember_lbl">Refers to tanker vessel nordic cross used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCrossMember" xlink:to="nat_NordicCrossMember_lbl" xlink:title="label: NordicCrossMember to nat_NordicCrossMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCrossMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicCrossMember_lbl1" xml:lang="en-US" id="nat_NordicCrossMember_lbl1">Nordic Cross [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCrossMember" xlink:to="nat_NordicCrossMember_lbl1" xlink:title="label: NordicCrossMember to nat_NordicCrossMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicCastorMember" xlink:label="NordicCastorMember" xlink:title="NordicCastorMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCastorMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicCastorMember_lbl" xml:lang="en-US" id="nat_NordicCastorMember_lbl">Refers to tanker vessel nordic castor used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCastorMember" xlink:to="nat_NordicCastorMember_lbl" xlink:title="label: NordicCastorMember to nat_NordicCastorMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCastorMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicCastorMember_lbl1" xml:lang="en-US" id="nat_NordicCastorMember_lbl1">Nordic Castor [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCastorMember" xlink:to="nat_NordicCastorMember_lbl1" xlink:title="label: NordicCastorMember to nat_NordicCastorMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicGraceMember" xlink:label="NordicGraceMember" xlink:title="NordicGraceMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicGraceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicGraceMember_lbl" xml:lang="en-US" id="nat_NordicGraceMember_lbl">Refers to tanker vessel nordic grace used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicGraceMember" xlink:to="nat_NordicGraceMember_lbl" xlink:title="label: NordicGraceMember to nat_NordicGraceMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicGraceMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicGraceMember_lbl1" xml:lang="en-US" id="nat_NordicGraceMember_lbl1">Nordic Grace [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicGraceMember" xlink:to="nat_NordicGraceMember_lbl1" xlink:title="label: NordicGraceMember to nat_NordicGraceMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicSpaceMember" xlink:label="NordicSpaceMember" xlink:title="NordicSpaceMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSpaceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicSpaceMember_lbl" xml:lang="en-US" id="nat_NordicSpaceMember_lbl">Refers to tanker vessel nordic space used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSpaceMember" xlink:to="nat_NordicSpaceMember_lbl" xlink:title="label: NordicSpaceMember to nat_NordicSpaceMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSpaceMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicSpaceMember_lbl1" xml:lang="en-US" id="nat_NordicSpaceMember_lbl1">Nordic Space [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSpaceMember" xlink:to="nat_NordicSpaceMember_lbl1" xlink:title="label: NordicSpaceMember to nat_NordicSpaceMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicSiriusMember" xlink:label="NordicSiriusMember" xlink:title="NordicSiriusMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSiriusMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicSiriusMember_lbl" xml:lang="en-US" id="nat_NordicSiriusMember_lbl">Refers to tanker vessel nordic sirius used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSiriusMember" xlink:to="nat_NordicSiriusMember_lbl" xlink:title="label: NordicSiriusMember to nat_NordicSiriusMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSiriusMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicSiriusMember_lbl1" xml:lang="en-US" id="nat_NordicSiriusMember_lbl1">Nordic Sirius [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSiriusMember" xlink:to="nat_NordicSiriusMember_lbl1" xlink:title="label: NordicSiriusMember to nat_NordicSiriusMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicTellusMember" xlink:label="NordicTellusMember" xlink:title="NordicTellusMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicTellusMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicTellusMember_lbl" xml:lang="en-US" id="nat_NordicTellusMember_lbl">Refers to tanker vessel nordic tellus used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicTellusMember" xlink:to="nat_NordicTellusMember_lbl" xlink:title="label: NordicTellusMember to nat_NordicTellusMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicTellusMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicTellusMember_lbl1" xml:lang="en-US" id="nat_NordicTellusMember_lbl1">Nordic Tellus [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicTellusMember" xlink:to="nat_NordicTellusMember_lbl1" xlink:title="label: NordicTellusMember to nat_NordicTellusMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NordicTellusMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NordicTellusMember_lbl2" xml:lang="en-US" id="nat_NordicTellusMember_lbl2">Nordic Tellus [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicTellusMember" xlink:to="nat_NordicTellusMember_lbl2" xlink:title="label: NordicTellusMember to nat_NordicTellusMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicCosmosMember" xlink:label="NordicCosmosMember" xlink:title="NordicCosmosMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCosmosMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicCosmosMember_lbl" xml:lang="en-US" id="nat_NordicCosmosMember_lbl">Refers to tanker vessel nordic cosmos used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCosmosMember" xlink:to="nat_NordicCosmosMember_lbl" xlink:title="label: NordicCosmosMember to nat_NordicCosmosMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCosmosMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicCosmosMember_lbl1" xml:lang="en-US" id="nat_NordicCosmosMember_lbl1">Nordic Cosmos [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCosmosMember" xlink:to="nat_NordicCosmosMember_lbl1" xlink:title="label: NordicCosmosMember to nat_NordicCosmosMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicLightMember" xlink:label="NordicLightMember" xlink:title="NordicLightMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicLightMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicLightMember_lbl" xml:lang="en-US" id="nat_NordicLightMember_lbl">Refers to tanker vessel nordic light used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicLightMember" xlink:to="nat_NordicLightMember_lbl" xlink:title="label: NordicLightMember to nat_NordicLightMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicLightMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicLightMember_lbl1" xml:lang="en-US" id="nat_NordicLightMember_lbl1">Nordic Light [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicLightMember" xlink:to="nat_NordicLightMember_lbl1" xlink:title="label: NordicLightMember to nat_NordicLightMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicPolluxMember" xlink:label="NordicPolluxMember" xlink:title="NordicPolluxMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicPolluxMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicPolluxMember_lbl" xml:lang="en-US" id="nat_NordicPolluxMember_lbl">Refers to tanker vessel nordic pollux used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicPolluxMember" xlink:to="nat_NordicPolluxMember_lbl" xlink:title="label: NordicPolluxMember to nat_NordicPolluxMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicPolluxMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicPolluxMember_lbl1" xml:lang="en-US" id="nat_NordicPolluxMember_lbl1">Nordic Pollux [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicPolluxMember" xlink:to="nat_NordicPolluxMember_lbl1" xlink:title="label: NordicPolluxMember to nat_NordicPolluxMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicApolloMember" xlink:label="NordicApolloMember" xlink:title="NordicApolloMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicApolloMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicApolloMember_lbl" xml:lang="en-US" id="nat_NordicApolloMember_lbl">Refers to tanker vessel nordic apollo used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicApolloMember" xlink:to="nat_NordicApolloMember_lbl" xlink:title="label: NordicApolloMember to nat_NordicApolloMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicApolloMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicApolloMember_lbl1" xml:lang="en-US" id="nat_NordicApolloMember_lbl1">Nordic Apollo [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicApolloMember" xlink:to="nat_NordicApolloMember_lbl1" xlink:title="label: NordicApolloMember to nat_NordicApolloMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicSprinterMember" xlink:label="NordicSprinterMember" xlink:title="NordicSprinterMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSprinterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicSprinterMember_lbl" xml:lang="en-US" id="nat_NordicSprinterMember_lbl">Refers to tanker vessel nordic sprinter used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSprinterMember" xlink:to="nat_NordicSprinterMember_lbl" xlink:title="label: NordicSprinterMember to nat_NordicSprinterMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSprinterMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicSprinterMember_lbl1" xml:lang="en-US" id="nat_NordicSprinterMember_lbl1">Nordic Sprinter [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSprinterMember" xlink:to="nat_NordicSprinterMember_lbl1" xlink:title="label: NordicSprinterMember to nat_NordicSprinterMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicPassatMember" xlink:label="NordicPassatMember" xlink:title="NordicPassatMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicPassatMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicPassatMember_lbl" xml:lang="en-US" id="nat_NordicPassatMember_lbl">Refers to tanker vessel nordic passat used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicPassatMember" xlink:to="nat_NordicPassatMember_lbl" xlink:title="label: NordicPassatMember to nat_NordicPassatMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicPassatMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicPassatMember_lbl1" xml:lang="en-US" id="nat_NordicPassatMember_lbl1">Nordic Passat [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicPassatMember" xlink:to="nat_NordicPassatMember_lbl1" xlink:title="label: NordicPassatMember to nat_NordicPassatMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicBreezeMember" xlink:label="NordicBreezeMember" xlink:title="NordicBreezeMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicBreezeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicBreezeMember_lbl" xml:lang="en-US" id="nat_NordicBreezeMember_lbl">Refers to tanker vessel nordic breeze used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicBreezeMember" xlink:to="nat_NordicBreezeMember_lbl" xlink:title="label: NordicBreezeMember to nat_NordicBreezeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicBreezeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicBreezeMember_lbl1" xml:lang="en-US" id="nat_NordicBreezeMember_lbl1">Nordic Breeze [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicBreezeMember" xlink:to="nat_NordicBreezeMember_lbl1" xlink:title="label: NordicBreezeMember to nat_NordicBreezeMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicVegaMember" xlink:label="NordicVegaMember" xlink:title="NordicVegaMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicVegaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicVegaMember_lbl" xml:lang="en-US" id="nat_NordicVegaMember_lbl">Refers to tanker vessel nordic vega used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicVegaMember" xlink:to="nat_NordicVegaMember_lbl" xlink:title="label: NordicVegaMember to nat_NordicVegaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicVegaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicVegaMember_lbl1" xml:lang="en-US" id="nat_NordicVegaMember_lbl1">Nordic Vega [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicVegaMember" xlink:to="nat_NordicVegaMember_lbl1" xlink:title="label: NordicVegaMember to nat_NordicVegaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicAquariusMember" xlink:label="NordicAquariusMember" xlink:title="NordicAquariusMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicAquariusMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicAquariusMember_lbl" xml:lang="en-US" id="nat_NordicAquariusMember_lbl">Refers to tanker vessel nordic aquarius used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicAquariusMember" xlink:to="nat_NordicAquariusMember_lbl" xlink:title="label: NordicAquariusMember to nat_NordicAquariusMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicAquariusMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicAquariusMember_lbl1" xml:lang="en-US" id="nat_NordicAquariusMember_lbl1">Nordic Aquarius [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicAquariusMember" xlink:to="nat_NordicAquariusMember_lbl1" xlink:title="label: NordicAquariusMember to nat_NordicAquariusMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NordicAquariusMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NordicAquariusMember_lbl2" xml:lang="en-US" id="nat_NordicAquariusMember_lbl2">Nordic Aquarius [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicAquariusMember" xlink:to="nat_NordicAquariusMember_lbl2" xlink:title="label: NordicAquariusMember to nat_NordicAquariusMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicMoonMember" xlink:label="NordicMoonMember" xlink:title="NordicMoonMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicMoonMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicMoonMember_lbl" xml:lang="en-US" id="nat_NordicMoonMember_lbl">Refers to tanker vessel nordic moon used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicMoonMember" xlink:to="nat_NordicMoonMember_lbl" xlink:title="label: NordicMoonMember to nat_NordicMoonMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicMoonMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicMoonMember_lbl1" xml:lang="en-US" id="nat_NordicMoonMember_lbl1">Nordic Moon [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicMoonMember" xlink:to="nat_NordicMoonMember_lbl1" xlink:title="label: NordicMoonMember to nat_NordicMoonMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicStarMember" xlink:label="NordicStarMember" xlink:title="NordicStarMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicStarMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicStarMember_lbl" xml:lang="en-US" id="nat_NordicStarMember_lbl">Refers to tanker vessel nordic star used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicStarMember" xlink:to="nat_NordicStarMember_lbl" xlink:title="label: NordicStarMember to nat_NordicStarMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicStarMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicStarMember_lbl1" xml:lang="en-US" id="nat_NordicStarMember_lbl1">Nordic Star [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicStarMember" xlink:to="nat_NordicStarMember_lbl1" xlink:title="label: NordicStarMember to nat_NordicStarMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NumberOfOperatingVessels" xlink:label="NumberOfOperatingVessels" xlink:title="NumberOfOperatingVessels" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfOperatingVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfOperatingVessels_lbl" xml:lang="en-US" id="nat_NumberOfOperatingVessels_lbl">Represents number of vessels in operation in entities current fleet.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOperatingVessels" xlink:to="nat_NumberOfOperatingVessels_lbl" xlink:title="label: NumberOfOperatingVessels to nat_NumberOfOperatingVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfOperatingVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfOperatingVessels_lbl1" xml:lang="en-US" id="nat_NumberOfOperatingVessels_lbl1">Number of operating vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOperatingVessels" xlink:to="nat_NumberOfOperatingVessels_lbl1" xlink:title="label: NumberOfOperatingVessels to nat_NumberOfOperatingVessels_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfOperatingVessels_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_NumberOfOperatingVessels_lbl2" xml:lang="en-US" id="nat_NumberOfOperatingVessels_lbl2">Number of operating vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOperatingVessels" xlink:to="nat_NumberOfOperatingVessels_lbl2" xlink:title="label: NumberOfOperatingVessels to nat_NumberOfOperatingVessels_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicCygnusMember" xlink:label="NordicCygnusMember" xlink:title="NordicCygnusMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCygnusMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicCygnusMember_lbl" xml:lang="en-US" id="nat_NordicCygnusMember_lbl">Refers to tanker vessel nordic cygnus used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCygnusMember" xlink:to="nat_NordicCygnusMember_lbl" xlink:title="label: NordicCygnusMember to nat_NordicCygnusMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCygnusMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicCygnusMember_lbl1" xml:lang="en-US" id="nat_NordicCygnusMember_lbl1">Nordic Cygnus [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCygnusMember" xlink:to="nat_NordicCygnusMember_lbl1" xlink:title="label: NordicCygnusMember to nat_NordicCygnusMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NordicCygnusMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NordicCygnusMember_lbl2" xml:lang="en-US" id="nat_NordicCygnusMember_lbl2">Nordic Cygnus [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicCygnusMember" xlink:to="nat_NordicCygnusMember_lbl2" xlink:title="label: NordicCygnusMember to nat_NordicCygnusMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicMistralMember" xlink:label="NordicMistralMember" xlink:title="NordicMistralMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicMistralMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicMistralMember_lbl" xml:lang="en-US" id="nat_NordicMistralMember_lbl">Refers to tanker vessel nordic mistral used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicMistralMember" xlink:to="nat_NordicMistralMember_lbl" xlink:title="label: NordicMistralMember to nat_NordicMistralMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicMistralMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicMistralMember_lbl1" xml:lang="en-US" id="nat_NordicMistralMember_lbl1">Nordic Mistral [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicMistralMember" xlink:to="nat_NordicMistralMember_lbl1" xlink:title="label: NordicMistralMember to nat_NordicMistralMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicZenithMember" xlink:label="NordicZenithMember" xlink:title="NordicZenithMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicZenithMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicZenithMember_lbl" xml:lang="en-US" id="nat_NordicZenithMember_lbl">Refers to tanker vessel nordic zenith used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicZenithMember" xlink:to="nat_NordicZenithMember_lbl" xlink:title="label: NordicZenithMember to nat_NordicZenithMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicZenithMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicZenithMember_lbl1" xml:lang="en-US" id="nat_NordicZenithMember_lbl1">Nordic Zenith [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicZenithMember" xlink:to="nat_NordicZenithMember_lbl1" xlink:title="label: NordicZenithMember to nat_NordicZenithMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicSkierMember" xlink:label="NordicSkierMember" xlink:title="NordicSkierMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSkierMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicSkierMember_lbl" xml:lang="en-US" id="nat_NordicSkierMember_lbl">Refers to tanker vessel nordic skier used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSkierMember" xlink:to="nat_NordicSkierMember_lbl" xlink:title="label: NordicSkierMember to nat_NordicSkierMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicSkierMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicSkierMember_lbl1" xml:lang="en-US" id="nat_NordicSkierMember_lbl1">Nordic Skier [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicSkierMember" xlink:to="nat_NordicSkierMember_lbl1" xlink:title="label: NordicSkierMember to nat_NordicSkierMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_CurrentFleetAbstract" xlink:label="CurrentFleetAbstract" xlink:title="CurrentFleetAbstract" />
    <link:label xlink:type="resource" xlink:label="nat_CurrentFleetAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_CurrentFleetAbstract_lbl1" xml:lang="en-US" id="nat_CurrentFleetAbstract_lbl1">Current Fleet [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFleetAbstract" xlink:to="nat_CurrentFleetAbstract_lbl1" xlink:title="label: CurrentFleetAbstract to nat_CurrentFleetAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DeadweightTonnage" xlink:label="DeadweightTonnage" xlink:title="DeadweightTonnage" />
    <link:label xlink:type="resource" xlink:label="nat_DeadweightTonnage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DeadweightTonnage_lbl" xml:lang="en-US" id="nat_DeadweightTonnage_lbl">The total sum of weights in metric tonnes that the vessel can carry on a defined loadline.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeadweightTonnage" xlink:to="nat_DeadweightTonnage_lbl" xlink:title="label: DeadweightTonnage to nat_DeadweightTonnage_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DeadweightTonnage_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DeadweightTonnage_lbl1" xml:lang="en-US" id="nat_DeadweightTonnage_lbl1">Deadweight tonnage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeadweightTonnage" xlink:to="nat_DeadweightTonnage_lbl1" xlink:title="label: DeadweightTonnage to nat_DeadweightTonnage_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DeadweightTonnage_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_DeadweightTonnage_lbl2" xml:lang="en-US" id="nat_DeadweightTonnage_lbl2">Deadweight tons</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeadweightTonnage" xlink:to="nat_DeadweightTonnage_lbl2" xlink:title="label: DeadweightTonnage to nat_DeadweightTonnage_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NordicLunaMember" xlink:label="NordicLunaMember" xlink:title="NordicLunaMember" />
    <link:label xlink:type="resource" xlink:label="nat_NordicLunaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NordicLunaMember_lbl" xml:lang="en-US" id="nat_NordicLunaMember_lbl">Refers to tanker vessel nordic luna used to haul crude oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicLunaMember" xlink:to="nat_NordicLunaMember_lbl" xlink:title="label: NordicLunaMember to nat_NordicLunaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NordicLunaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NordicLunaMember_lbl1" xml:lang="en-US" id="nat_NordicLunaMember_lbl1">Nordic Luna [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordicLunaMember" xlink:to="nat_NordicLunaMember_lbl1" xlink:title="label: NordicLunaMember to nat_NordicLunaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_OtherNonCurrentAssetsTextBlock" xlink:label="OtherNonCurrentAssetsTextBlock" xlink:title="OtherNonCurrentAssetsTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_OtherNonCurrentAssetsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_OtherNonCurrentAssetsTextBlock_lbl" xml:lang="en-US" id="nat_OtherNonCurrentAssetsTextBlock_lbl">The entire disclosure for other non-current assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNonCurrentAssetsTextBlock" xlink:to="nat_OtherNonCurrentAssetsTextBlock_lbl" xlink:title="label: OtherNonCurrentAssetsTextBlock to nat_OtherNonCurrentAssetsTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_OtherNonCurrentAssetsTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_OtherNonCurrentAssetsTextBlock_lbl1" xml:lang="en-US" id="nat_OtherNonCurrentAssetsTextBlock_lbl1">Other Non Current Assets [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNonCurrentAssetsTextBlock" xlink:to="nat_OtherNonCurrentAssetsTextBlock_lbl1" xlink:title="label: OtherNonCurrentAssetsTextBlock to nat_OtherNonCurrentAssetsTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_OtherNonCurrentAssetsTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_OtherNonCurrentAssetsTextBlock_lbl2" xml:lang="en-US" id="nat_OtherNonCurrentAssetsTextBlock_lbl2">OTHER NON-CURRENT ASSETS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNonCurrentAssetsTextBlock" xlink:to="nat_OtherNonCurrentAssetsTextBlock_lbl2" xlink:title="label: OtherNonCurrentAssetsTextBlock to nat_OtherNonCurrentAssetsTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_VesselsNet" xlink:label="VesselsNet" xlink:title="VesselsNet" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VesselsNet_lbl" xml:lang="en-US" id="nat_VesselsNet_lbl">Carrying amount at the balance sheet date of vessels used in the normal conduct of business and not intended for resale, net of accumulated depreciation on vessels.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNet" xlink:to="nat_VesselsNet_lbl" xlink:title="label: VesselsNet to nat_VesselsNet_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNet_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VesselsNet_lbl1" xml:lang="en-US" id="nat_VesselsNet_lbl1">Vessels, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNet" xlink:to="nat_VesselsNet_lbl1" xlink:title="label: VesselsNet to nat_VesselsNet_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNet_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_VesselsNet_lbl2" xml:lang="en-US" id="nat_VesselsNet_lbl2">Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNet" xlink:to="nat_VesselsNet_lbl2" xlink:title="label: VesselsNet to nat_VesselsNet_lbl2" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsNet_lbl3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="nat_VesselsNet_lbl3" xml:lang="en-US" id="nat_VesselsNet_lbl3">Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsNet" xlink:to="nat_VesselsNet_lbl3" xlink:title="label: VesselsNet to nat_VesselsNet_lbl3" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_EquitySecuritiesFVNINonCurrent" xlink:label="EquitySecuritiesFVNINonCurrent" xlink:title="EquitySecuritiesFVNINonCurrent" />
    <link:label xlink:type="resource" xlink:label="nat_EquitySecuritiesFVNINonCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_EquitySecuritiesFVNINonCurrent_lbl" xml:lang="en-US" id="nat_EquitySecuritiesFVNINonCurrent_lbl">Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquitySecuritiesFVNINonCurrent" xlink:to="nat_EquitySecuritiesFVNINonCurrent_lbl" xlink:title="label: EquitySecuritiesFVNINonCurrent to nat_EquitySecuritiesFVNINonCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_EquitySecuritiesFVNINonCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EquitySecuritiesFVNINonCurrent_lbl1" xml:lang="en-US" id="nat_EquitySecuritiesFVNINonCurrent_lbl1">Equity Securities, FV-NI, Non Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquitySecuritiesFVNINonCurrent" xlink:to="nat_EquitySecuritiesFVNINonCurrent_lbl1" xlink:title="label: EquitySecuritiesFVNINonCurrent to nat_EquitySecuritiesFVNINonCurrent_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_EquitySecuritiesFVNINonCurrent_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_EquitySecuritiesFVNINonCurrent_lbl2" xml:lang="en-US" id="nat_EquitySecuritiesFVNINonCurrent_lbl2">Investment Securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquitySecuritiesFVNINonCurrent" xlink:to="nat_EquitySecuritiesFVNINonCurrent_lbl2" xlink:title="label: EquitySecuritiesFVNINonCurrent to nat_EquitySecuritiesFVNINonCurrent_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_ContributedSurplus" xlink:label="ContributedSurplus" xlink:title="ContributedSurplus" />
    <link:label xlink:type="resource" xlink:label="nat_ContributedSurplus_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_ContributedSurplus_lbl" xml:lang="en-US" id="nat_ContributedSurplus_lbl">This element represents a sub-category of additional Paid-in Capital. Additional Paid-in-Capital is normally attributable to capital contributed by shareholders in excess of the par or stated value of the common or preferred stock issued by an entity. The entity presents as contributed surplus, additional paid-in-capital that has been approved by resolution by its General Assembly to be available for use as capital contributions to its shareholders or other uses according to the corporate domicile laws.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributedSurplus" xlink:to="nat_ContributedSurplus_lbl" xlink:title="label: ContributedSurplus to nat_ContributedSurplus_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_ContributedSurplus_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_ContributedSurplus_lbl1" xml:lang="en-US" id="nat_ContributedSurplus_lbl1">Contributed Surplus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributedSurplus" xlink:to="nat_ContributedSurplus_lbl1" xlink:title="label: ContributedSurplus to nat_ContributedSurplus_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DrydockingMember" xlink:label="DrydockingMember" xlink:title="DrydockingMember" />
    <link:label xlink:type="resource" xlink:label="nat_DrydockingMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DrydockingMember_lbl" xml:lang="en-US" id="nat_DrydockingMember_lbl">Refers to capitalized drydocking costs related to the periodic planned maintenance of vessels.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DrydockingMember" xlink:to="nat_DrydockingMember_lbl" xlink:title="label: DrydockingMember to nat_DrydockingMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DrydockingMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DrydockingMember_lbl1" xml:lang="en-US" id="nat_DrydockingMember_lbl1">Drydocking [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DrydockingMember" xlink:to="nat_DrydockingMember_lbl1" xlink:title="label: DrydockingMember to nat_DrydockingMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_VesselsMember" xlink:label="VesselsMember" xlink:title="VesselsMember" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VesselsMember_lbl" xml:lang="en-US" id="nat_VesselsMember_lbl">Long lived, depreciable assets used for the primary purpose of crude oil transportation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsMember" xlink:to="nat_VesselsMember_lbl" xlink:title="label: VesselsMember to nat_VesselsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VesselsMember_lbl1" xml:lang="en-US" id="nat_VesselsMember_lbl1">Vessels [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsMember" xlink:to="nat_VesselsMember_lbl1" xlink:title="label: VesselsMember to nat_VesselsMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:label="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:title="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl" xml:lang="en-US" id="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl">The number of vessels the company has taken through periodical maintenance survey as of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:to="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl" xlink:title="label: NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey to nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl1" xml:lang="en-US" id="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl1">Number Of Vessels The Company Has Taken Through Periodical Maintenance Survey</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:to="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl1" xlink:title="label: NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey to nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl2" xml:lang="en-US" id="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl2">Number of vessels the company taken through periodical maintenance survey</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey" xlink:to="nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl2" xlink:title="label: NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey to nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_VesselsGross" xlink:label="VesselsGross" xlink:title="VesselsGross" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsGross_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_VesselsGross_lbl" xml:lang="en-US" id="nat_VesselsGross_lbl">Amount before accumulated depreciation of vessels used in the normal conduct of business and not intended for resale.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsGross" xlink:to="nat_VesselsGross_lbl" xlink:title="label: VesselsGross to nat_VesselsGross_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsGross_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_VesselsGross_lbl1" xml:lang="en-US" id="nat_VesselsGross_lbl1">Vessels Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsGross" xlink:to="nat_VesselsGross_lbl1" xlink:title="label: VesselsGross to nat_VesselsGross_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_VesselsGross_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_VesselsGross_lbl2" xml:lang="en-US" id="nat_VesselsGross_lbl2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VesselsGross" xlink:to="nat_VesselsGross_lbl2" xlink:title="label: VesselsGross to nat_VesselsGross_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_AccumulatedImpairmentLossOnVessels" xlink:label="AccumulatedImpairmentLossOnVessels" xlink:title="AccumulatedImpairmentLossOnVessels" />
    <link:label xlink:type="resource" xlink:label="nat_AccumulatedImpairmentLossOnVessels_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AccumulatedImpairmentLossOnVessels_lbl" xml:lang="en-US" id="nat_AccumulatedImpairmentLossOnVessels_lbl">The accumulated amount for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedImpairmentLossOnVessels" xlink:to="nat_AccumulatedImpairmentLossOnVessels_lbl" xlink:title="label: AccumulatedImpairmentLossOnVessels to nat_AccumulatedImpairmentLossOnVessels_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AccumulatedImpairmentLossOnVessels_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AccumulatedImpairmentLossOnVessels_lbl1" xml:lang="en-US" id="nat_AccumulatedImpairmentLossOnVessels_lbl1">Accumulated Impairment Loss on Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedImpairmentLossOnVessels" xlink:to="nat_AccumulatedImpairmentLossOnVessels_lbl1" xlink:title="label: AccumulatedImpairmentLossOnVessels to nat_AccumulatedImpairmentLossOnVessels_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AccumulatedImpairmentLossOnVessels_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="nat_AccumulatedImpairmentLossOnVessels_lbl2" xml:lang="en-US" id="nat_AccumulatedImpairmentLossOnVessels_lbl2">Less Accumulated Impairment Loss on Vessels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedImpairmentLossOnVessels" xlink:to="nat_AccumulatedImpairmentLossOnVessels_lbl2" xlink:title="label: AccumulatedImpairmentLossOnVessels to nat_AccumulatedImpairmentLossOnVessels_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_DepreciationChargesDisposed" xlink:label="DepreciationChargesDisposed" xlink:title="DepreciationChargesDisposed" />
    <link:label xlink:type="resource" xlink:label="nat_DepreciationChargesDisposed_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_DepreciationChargesDisposed_lbl" xml:lang="en-US" id="nat_DepreciationChargesDisposed_lbl">Amount of decrease in accumulated depreciation as a result of sale or disposal of vessel and equipment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationChargesDisposed" xlink:to="nat_DepreciationChargesDisposed_lbl" xlink:title="label: DepreciationChargesDisposed to nat_DepreciationChargesDisposed_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_DepreciationChargesDisposed_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_DepreciationChargesDisposed_lbl1" xml:lang="en-US" id="nat_DepreciationChargesDisposed_lbl1">Depreciation Charges Disposed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationChargesDisposed" xlink:to="nat_DepreciationChargesDisposed_lbl1" xlink:title="label: DepreciationChargesDisposed to nat_DepreciationChargesDisposed_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_DepreciationChargesDisposed_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_DepreciationChargesDisposed_lbl2" xml:lang="en-US" id="nat_DepreciationChargesDisposed_lbl2">Depreciation charges disposed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationChargesDisposed" xlink:to="nat_DepreciationChargesDisposed_lbl2" xlink:title="label: DepreciationChargesDisposed to nat_DepreciationChargesDisposed_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_NumberOfVesselsInDrydockForPeriodicalMaintenance" xlink:label="NumberOfVesselsInDrydockForPeriodicalMaintenance" xlink:title="NumberOfVesselsInDrydockForPeriodicalMaintenance" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl" xml:lang="en-US" id="nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl">The number of vessels in drydock for periodical maintenance survey as of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsInDrydockForPeriodicalMaintenance" xlink:to="nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl" xlink:title="label: NumberOfVesselsInDrydockForPeriodicalMaintenance to nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl1" xml:lang="en-US" id="nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl1">Number of Vessels in Drydock For Periodical Maintenance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsInDrydockForPeriodicalMaintenance" xlink:to="nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl1" xlink:title="label: NumberOfVesselsInDrydockForPeriodicalMaintenance to nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl2" xml:lang="en-US" id="nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl2">Number of vessels in drydock for periodical maintenance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVesselsInDrydockForPeriodicalMaintenance" xlink:to="nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl2" xlink:title="label: NumberOfVesselsInDrydockForPeriodicalMaintenance to nat_NumberOfVesselsInDrydockForPeriodicalMaintenance_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions" xlink:label="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions" xlink:title="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions" />
    <link:label xlink:type="resource" xlink:label="nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl" xml:lang="en-US" id="nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl">Amount of unrecognized cost related to non-vested stock options.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions" xlink:to="nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl" xlink:title="label: SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions to nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl1" xml:lang="en-US" id="nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl1">Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Non-vested Stock Options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions" xlink:to="nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl1" xlink:title="label: SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions to nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl2" xml:lang="en-US" id="nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl2">Unrecognized cost related to non-vested stock options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions" xlink:to="nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl2" xlink:title="label: SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions to nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_EquityIncentivePlan2011Member" xlink:label="EquityIncentivePlan2011Member" xlink:title="EquityIncentivePlan2011Member" />
    <link:label xlink:type="resource" xlink:label="nat_EquityIncentivePlan2011Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_EquityIncentivePlan2011Member_lbl" xml:lang="en-US" id="nat_EquityIncentivePlan2011Member_lbl">A reward system designed to improve employees performance by providing rewards that may be tied to the company's share price.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityIncentivePlan2011Member" xlink:to="nat_EquityIncentivePlan2011Member_lbl" xlink:title="label: EquityIncentivePlan2011Member to nat_EquityIncentivePlan2011Member_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_EquityIncentivePlan2011Member_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EquityIncentivePlan2011Member_lbl1" xml:lang="en-US" id="nat_EquityIncentivePlan2011Member_lbl1">Equity Incentive Plan 2011 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityIncentivePlan2011Member" xlink:to="nat_EquityIncentivePlan2011Member_lbl1" xlink:title="label: EquityIncentivePlan2011Member to nat_EquityIncentivePlan2011Member_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_EquityIncentivePlan2011Member_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_EquityIncentivePlan2011Member_lbl2" xml:lang="en-US" id="nat_EquityIncentivePlan2011Member_lbl2">2011 Equity Incentive Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityIncentivePlan2011Member" xlink:to="nat_EquityIncentivePlan2011Member_lbl2" xlink:title="label: EquityIncentivePlan2011Member to nat_EquityIncentivePlan2011Member_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_AmendedRestated2011EquityIncentivePlanMember" xlink:label="AmendedRestated2011EquityIncentivePlanMember" xlink:title="AmendedRestated2011EquityIncentivePlanMember" />
    <link:label xlink:type="resource" xlink:label="nat_AmendedRestated2011EquityIncentivePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_AmendedRestated2011EquityIncentivePlanMember_lbl" xml:lang="en-US" id="nat_AmendedRestated2011EquityIncentivePlanMember_lbl">A reward system designed to improve employees performance by providing rewards that may be tied to the company's share price.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendedRestated2011EquityIncentivePlanMember" xlink:to="nat_AmendedRestated2011EquityIncentivePlanMember_lbl" xlink:title="label: AmendedRestated2011EquityIncentivePlanMember to nat_AmendedRestated2011EquityIncentivePlanMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_AmendedRestated2011EquityIncentivePlanMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_AmendedRestated2011EquityIncentivePlanMember_lbl1" xml:lang="en-US" id="nat_AmendedRestated2011EquityIncentivePlanMember_lbl1">Amended Restated 2011 Equity Incentive Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendedRestated2011EquityIncentivePlanMember" xlink:to="nat_AmendedRestated2011EquityIncentivePlanMember_lbl1" xlink:title="label: AmendedRestated2011EquityIncentivePlanMember to nat_AmendedRestated2011EquityIncentivePlanMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_AmendedRestated2011EquityIncentivePlanMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="nat_AmendedRestated2011EquityIncentivePlanMember_lbl2" xml:lang="en-US" id="nat_AmendedRestated2011EquityIncentivePlanMember_lbl2">Amended 2011 Equity Incentive Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendedRestated2011EquityIncentivePlanMember" xlink:to="nat_AmendedRestated2011EquityIncentivePlanMember_lbl2" xlink:title="label: AmendedRestated2011EquityIncentivePlanMember to nat_AmendedRestated2011EquityIncentivePlanMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_EmployeesMember" xlink:label="EmployeesMember" xlink:title="EmployeesMember" />
    <link:label xlink:type="resource" xlink:label="nat_EmployeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_EmployeesMember_lbl" xml:lang="en-US" id="nat_EmployeesMember_lbl">A person employed for wages or salary by the Company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeesMember" xlink:to="nat_EmployeesMember_lbl" xlink:title="label: EmployeesMember to nat_EmployeesMember_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_EmployeesMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_EmployeesMember_lbl1" xml:lang="en-US" id="nat_EmployeesMember_lbl1">Employees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeesMember" xlink:to="nat_EmployeesMember_lbl1" xlink:title="label: EmployeesMember to nat_EmployeesMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="nat-20191231.xsd#nat_StatusOfEachVesselTableTextBlock" xlink:label="StatusOfEachVesselTableTextBlock" xlink:title="StatusOfEachVesselTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="nat_StatusOfEachVesselTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="nat_StatusOfEachVesselTableTextBlock_lbl" xml:lang="en-US" id="nat_StatusOfEachVesselTableTextBlock_lbl">Tabular disclosure of information regarding status of each vessel during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatusOfEachVesselTableTextBlock" xlink:to="nat_StatusOfEachVesselTableTextBlock_lbl" xlink:title="label: StatusOfEachVesselTableTextBlock to nat_StatusOfEachVesselTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="nat_StatusOfEachVesselTableTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="nat_StatusOfEachVesselTableTextBlock_lbl1" xml:lang="en-US" id="nat_StatusOfEachVesselTableTextBlock_lbl1">Status of each vessel [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatusOfEachVesselTableTextBlock" xlink:to="nat_StatusOfEachVesselTableTextBlock_lbl1" xlink:title="label: StatusOfEachVesselTableTextBlock to nat_StatusOfEachVesselTableTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="nat_StatusOfEachVesselTableTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="nat_StatusOfEachVesselTableTextBlock_lbl2" xml:lang="en-US" id="nat_StatusOfEachVesselTableTextBlock_lbl2">Current Fleet</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatusOfEachVesselTableTextBlock" xlink:to="nat_StatusOfEachVesselTableTextBlock_lbl2" xlink:title="label: StatusOfEachVesselTableTextBlock to nat_StatusOfEachVesselTableTextBlock_lbl2" />
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>17
<FILENAME>nat-20191231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by EDGARfilings PROfile 6.2.0.0 Broadridge-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
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  <link:roleRef roleURI="http://nat.bm/role/FinancialInstrumentsAndOtherFairValueDisclosuresTables" xlink:type="simple" xlink:href="nat-20191231.xsd#FinancialInstrumentsAndOtherFairValueDisclosuresTables" />
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6789654624">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccounting', window );">Basis of Accounting</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Basis of Accounting: </font>These consolidated financial statements (&#8220;financial statements&#8221;) have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;).</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PriorPeriodReclassificationAdjustmentDescription', window );">Reclassifications</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Reclassifications: </font>The Company has reclassified certain amounts relating to its presentation of cash flows for 2017 to conform to its current period presentation. These reclassifications have not changed the results of operations of prior periods.</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Principles of Consolidation</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Principles of Consolidation: </font>Entities in which NAT has controlling financial interest are consolidated. Subsidiaries are consolidated from the date on which control is obtained. The subsidiaries&#8217; accounting policies are in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated in the consolidation.</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div></div><div style="text-align: justify;"><font style="font-weight: bold;">Use of Estimates:</font> Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock', window );">Foreign Currency Translation</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Foreign Currency Translation: </font>The functional currency of NAT is the United States (&#8220;U.S.&#8221;) dollar as substantially all revenues are nominated in U.S. dollars and the majority of the expenditures are incurred and paid in U.S. dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction<font style="font-weight: bold;">.</font> The Company&#8217;s subsidiaries of NAT Chartering Ltd, NAT Chartering AS, and the European branch of Scandic American Shipping Ltd, have Norwegian kroner as their functional currency. All assets and liabilities of those entities are translated into U.S. dollars as of each balance sheet date. Translation gains and losses are reflected in shareholders&#8217; equity as part of accumulated other comprehensive loss.</div></div><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_RevenueAndExpenseRecognitionPolicyTextBlock', window );">Revenue and Expense Recognition</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Revenue and Expense Recognition: </font>Revenues and expenses are recognized on the accruals basis. Revenues are generated from spot and time charters.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Spot Charters:</font><font style="font-style: italic;">&#160;</font>For vessels operating on spot charters, voyage revenues are recognized ratably over the estimated length of each voyage, on a load-to-discharge basis and, therefore, are allocated between reporting periods based on the relative transit time in each period. Voyage expenses are capitalized between the discharge port of the immediately previous cargo, or contract date if later, and the load port of the cargo to be chartered if they qualify as fulfillment costs. Incremental cost to obtain a contract is capitalized and amortized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs as incurred. Expected losses that are deemed probable on voyages are provided for in full at the time such losses can be estimated. A voyage is deemed to commence upon loading of cargo and is deemed to end upon the completion of discharge of the same cargo. The Company does not capitalize fulfilment cost or recognize revenue if a charter has not been contractually committed to by a customer.</div><div><br /></div><div style="text-align: justify;">As the Company&#8217;s performance obligations are services which are received and consumed by our customers as we perform such services, revenues are recognized over time proportionate to the days elapsed since the service commencement compared to the total days anticipated to complete the service. Freight is generally billed to the customers after the cargo has been discharged and the performance obligation fulfilled by the Company. The Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the load and discharge ports. Demurrage earned during a spot charter represents a variable consideration. The Company recognizes such revenues in the voyage estimates only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Voyage estimates are reviewed and updated over the duration of the spot charter contract. When the Company&#8217;s tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations.</div><div><br /></div><div style="text-align: justify;">In 2017, before the adoption of Topic 606 on January 1, 2018, the Company recognized voyage revenues ratably over the estimated length of each voyage, on a discharge-to-discharge basis.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Time Charters: </font>Under a time charter, the charterer pays for the voyage expenses, such as port, canal and fuel costs, while the Company pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and costs relating to a vessel&#8217;s intermediate and special surveys. Revenues from time charter contracts where the Company is a lessor are accounted for as fixed rate operating leases under ASC 842 Leases and are recognized daily over the term of the charter. Time charter agreements with profit-sharing are recognized when the contingency related to it is resolved. <font style="color: rgb(0, 0, 0);">The Company has applied the practical expedient to not separate nonlease components from the associated lease component and instead to account for those components as a single component if the nonlease component otherwise would be accounted for under the new revenue guidance (ASC 606); and both of the following are met: (1) the timing and patterns of transfer of the nonlease component and associated lease are the same; and (2) the lease component, if accounted for separately, would be classified as&#160; an operating lease. The pattern of revenue recognition has not changed as a result of implementation of ASC 842 Leases.</font></div></div><span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselOperatingExpensesPolicyTextBlock', window );">Vessel Operating Expenses</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Vessel Operating Expenses</font><font style="font-weight: bold; color: rgb(0, 0, 0);">:</font> Vessel operating expenses include crewing, repair and maintenance, insurance, stores, lubricants, management fee, communication expenses and tonnage tax. These expenses are recognized when incurred.</div></div><span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy', window );">Cash, Cash Equivalents and Restricted Cash</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Cash, Cash Equivalents and Restricted Cash:</font> Cash and cash equivalents consist of highly liquid investments such as time deposits with original maturities when acquired of three months or less. Amounts included in restricted cash represent those required to be set aside by a contractual agreement with a banking institution for the payment of future estimated drydocking expenditure related to the vessels used as collateral.</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TradeAndOtherAccountsReceivablePolicy', window );">Accounts Receivable, Net</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><font style="font-weight: bold;">Accounts Receivable, Net:</font><font style="font-weight: bold; font-style: italic;">&#160;</font>Accounts receivable and other receivables are presented net of allowance for doubtful balances. The Company regularly reviews its accounts receivables and estimates the amount of uncollectible receivables each period and provides for an allowance for uncollectable amounts. The assessment of the allowance is based on the age of the unpaid receivables, financial status of the customer and other relevant information.<br /></div></div><span></span>
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</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryPolicyTextBlock', window );">Inventories</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Inventories: </font>Inventories are comprised of bunker fuel and lubrication oil. Cost is determined on a first-in, first-out (&#8220;FIFO&#8221;) basis.</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Vessels</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Vessels:</font> Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing costs incurred during the construction period of the vessels are capitalized and included in vessels&#8217; cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is expensed over the estimated useful life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. Repairs and maintenance are expensed as incurred.</div></div><span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentImpairment', window );">Impairment of Vessels</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><font style="font-weight: bold;">Impairment of Vessels: </font>The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on a vessel by vessel basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and fair value (based on broker estimates). In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels&#8217; future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel, net of brokerage commissions, expected outflows for vessels&#8217; maintenance and vessel operating expenses (including planned drydocking expenditures). The Company estimates the daily time charter equivalent for the remaining operating days, utilizing available market data for spot market rates for the initial two-year period and the most recent fifteen-year historical average for similar vessels for the remaining estimated life of the vessel. Useful economic life is assumed to be 25 years from the delivery of the vessel from the shipyard. The salvage value used in the impairment test is estimated to be $8.0 million per vessel. If the Company&#8217;s estimate of undiscounted future cash flows for any vessel is lower than the vessel&#8217;s carrying value, the carrying value is written down, by recording an impairment charge.</div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DrydockingPolicyTextBlock', window );">Drydocking</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><font style="font-weight: bold;">Drydocking:</font> The Company&#8217;s vessels are required to be drydocked approximately every 30 to 60 months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.</div></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LesseeLeasesPolicyTextBlock', window );">Leases</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><font style="font-weight: bold;">Leases:</font> The Company bareboat charters certain vessels under leasing agreements. Sale-leaseback arrangements where the transaction is not considered a sale under ASC 606 are accounted for as a financing transaction. Consideration received in such sale-leaseback arrangements is recorded as a financial liability. Each lease payment is allocated between liability and interest expense to achieve a constant rate on the financial liability outstanding. The interest element is charged as Interest Expense over the lease period. The Company has certain office lease contracts resulting in a right-of-use asset and a lease liability and the Company has applied an incremental borrowing rate as the discount rate to calculate the respective asset and liability. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (ROU) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.</div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsPolicy', window );">Investments in Equity Method Investees</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Investments in Equity Method Investees:</font> Investments in other entities where the Company has &#8220;significant influence&#8221; in accordance with U.S. GAAP are accounted for using the equity method of accounting. Under the equity method of accounting, the investment is stated at initial cost and is adjusted for subsequent additional investments and the Company&#8217;s proportionate share of earnings or losses and distributions. The Company evaluates its investment in equity method investees for impairment when events or circumstances indicate that the carrying value of the investment may have experienced an other than temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Statements of Operations.</div></div><span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentPolicyTextBlock', window );">Investment Securities</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Investment Securities:</font> Equity securities are recorded at fair value with changes in fair value recognized in net income.</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock', window );">Goodwill</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><font style="font-weight: bold;">Goodwill:</font><font style="font-weight: bold;">&#160;</font>Goodwill represents the excess of costs over the fair value of the assets of businesses NAT has acquired. Goodwill is not amortized, but instead tested for impairment at the reporting unit level on an annual basis as of December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is tested for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of the reporting unit, unless there is a readily determinable fair market value.</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensationRelatedCostsPolicyTextBlock', window );">Deferred Compensation Liability</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Deferred Compensation Liability: </font>The Company had two individual deferred compensation agreement with the Company&#8217;s CEO and a former CFO &amp; EVP. The former CFO &amp; EVP had an individual deferred compensation agreement, denominated in Norwegian kroner, where further benefits did not accrue upon leaving the Company as of Dec 31, 2017. The liabilities have been accounted for on an accrual basis using actuarial calculations. Any currency translation adjustments as well as actuarial gains and losses have been recognized in general and administrative expenses as incurred. Both agreements have been terminated in 2019 and we refer to note 7 for further information.</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingPolicyPolicyTextBlock', window );">Segment Information</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Segment Information: </font>The Company has identified only one operating segment. The Company has only one type of vessel &#8211; Suezmax crude oil tankers. The Company does not provide a geographical analysis because the Company&#8217;s business is global in nature and the location of its vessels continually changes.</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfFinancialInstrumentsPolicy', window );">Fair Value of Financial Instruments</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Fair Value of Financial Instruments:</font> The fair values of cash, cash equivalents and restricted cash, accounts receivable, accounts payable and accrued liabilities approximate carrying value because of the short-term nature of these instruments.</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtPolicyTextBlock', window );">Deferred Financing Costs</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><font style="font-weight: bold;">Deferred Financing Costs:</font><font style="font-weight: bold; font-style: italic;">&#160;</font>Financing costs, including fees, commissions and legal expenses are deferred and amortized over the term of the arrangement, which approximates the effective interest method. Incurred fees related to loans not yet drawn are presented as Other non-current Assets. The deferred financing costs are accounted as a direct deduction from the associated debt liability.</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Share Based Compensation</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-weight: bold;">Share Based Compensation:</div><div style="text-align: justify; font-style: italic;">Restricted shares</div><div style="text-align: justify;">The fair value of restricted shares to employees is estimated based on the market price of the Company&#8217;s shares. The fair value of restricted shares granted to employees is measured at grant date and the Company records the compensation expense for such awards over the requisite service period.</div><div><br /></div><div style="text-align: justify; font-style: italic;">Stock options</div><div>The Company grants stock options as incentive-based compensation to certain employees. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost over the requisite service period.</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold;">Income Taxes: </font>The Company is incorporated in Bermuda. Under current Bermuda law, the Company is not subject to corporate income taxes. The statutory applicable rate to consolidated corporate earnings is 0%.</div><div><br /></div><div style="text-align: justify;">Two of the Company&#8217;s wholly-owned subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 22%, 23%, and 24% for the years ended December 31, 2019, 2018 and 2017, respectively, of their taxable profit.<font style="font-weight: bold; color: rgb(255, 0, 0);">&#160;</font><font style="color: rgb(0, 0, 0);">The income tax expensed for year ended December 31, 2019, 2018 and 2017 was $71,000, $79,000, and $83,000, respectively. Deferred tax assets related to these entities are inconsequential. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes.</font></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskCreditRisk', window );">Concentration of Credit Risk</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><font style="font-weight: bold;">Concentration of Credit Risk:</font><font style="font-weight: bold; font-style: italic;">&#160;</font>Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company&#8217;s cash is primarily held in major banks and financial institutions and typically insured up to a set amount. Accordingly, the Company believes the risk of any potential loss on deposits held in these institutions is remote. Concentrations of credit risk relative to accounts receivable are limited to our client base in the oil and energy industry that may be affected by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable. The fair value of the financial instruments approximates the net book value.</div><div><br /></div><div style="text-align: justify;">For the year ended December 31, 2019, one customer accounted for 13.5% of the spot charter revenues. For the year ended December 31, 2018, one customer accounted for 10.5% of the spot charter revenues. For the year ended December 31, 2017, one customer accounted for 12% of the spot charter revenues.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Accounts receivable, Net, as of December 31, 2019, and 2018 were $24.6 and $22.1 million, respectively. As of December 31, 2019, three charterers accounted for 48% of the outstanding accounts receivable, with 19%, 15% and 14%. As of December 31, 2018, three charterers accounted for 49% of the outstanding accounts receivable, with 24%, 13%, and 12%.</div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recent Accounting Pronouncements</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-weight: bold;">Recent Accounting Pronouncements</div><div>&#160;</div><div>In June 2016, the FASB issued ASU 2016-13, Financial Instruments &#8211; Credit losses (ASC 326), which amends the guidance on the impairment of financial instruments. The standard adds an impairment model known as the current expected credit loss ("CECL") model that is based on expected losses rather than incurred losses. Under the new guidance, an entity is required to recognize as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. Unlike the incurred loss models under existing standards, the CECL model does not specify a threshold for the recognition of an impairment allowance. Rather, an entity will recognize its estimate of expected credit losses for financial assets as of the end of the reporting period. Credit impairment will be recognized as an allowance or contra-asset rather than as a direct write-down of the amortized cost basis of a financial asset. However, the carrying amount of a financial asset that is deemed uncollectible will be written off in a manner consistent with existing standards. The standard will be effective for the first reporting period within annual periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect any material impact on our financial assets from implementation of this new guidance.</div><div><br /></div><div style="font-weight: bold;">Recently Adopted Accounting Standards</div><div>&#160;</div><div>Effective January 1, 2019, the Company adopted ASC 842 Leases applying the modified retrospective method. We recognized an initial $1.9 million lease liability and a corresponding right-of-use lease asset to comply with the new lease standard. No cumulative effects have been recorded to the Company&#8217;s accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those prior periods (effective date method). The Company has applied the practical expedient for time-charter out contracts that include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer, to not separate non-lease components, or service element, from the associated lease component and instead to account for those components as a single component if the non-lease component otherwise would be accounted for under the new revenue guidance (ASC 606); and both of the following are met: (1) the timing and patterns of transfer of the non-lease component and associated lease are the same; and (2) the lease component, if accounted for separately, would be classified as&#160; an operating lease.</div><div><br /></div><div>The right-of-use asset, presented in Other-Non Current Assets, and lease liability is related to leased office space and the reduction in the carrying amount of the right-of-use asset during the twelve months ended December 31, 2019 has been $0.5 million. Certain of the Company&#8217;s lease contracts for office space include optional periods that are not included in the right-of-use asset and lease liability. The discount rate applied to the calculations is an incremental borrowing rate. The lease liability is presented in Other Current Liabilities and Operating Lease Liabilities and the lease cost is recognized in General and Administrative Expenses.</div><div><br /></div><div>ASC 842 allows lessees to elect as an accounting policy not to apply the provisions of ASC 842 to short term leases (i.e., leases with an original term of 12-months or less), which the Company has applied. Instead, a lessee may recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.</div><div><br /></div><div>Effective January 1, 2018, the Company adopted <font style="font-style: italic;">Revenue from Contracts with Customers (ASC 606). </font>The financial year ended December 31, 2019 is comparative with the financial year ended December 31, 2018, as the new revenue standard is applied consistently for both financial years. The financial year ended December 31, 2017 is presented under the previous revenue recognition standard. On December 31, 2017 we had 19 vessels affected by the change in the revenue recognition standard that resulted in an adjustment to increase our opening balance of accumulated deficit as of January 1, 2018 of $4.1 million. As of December 31, 2018, we had 15 vessels that were impacted by the new revenue recognition policy with an equivalent net increase of $6.3 million on accumulated deficit.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td colspan="12" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="font-family: &amp;quot; font-weight: bold;">Effect on the Consolidated Balance sheets as of December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top;"><div style="font-family: &amp;quot; font-style: italic;">In thousands of USD</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">As reported</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">Adjustments</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">Amounts before ASC606</div><div style="font-weight: bold;">adoption</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top;"><div style="font-family: &amp;quot; font-weight: bold;">ASSETS</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; 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width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;quot;">119,936</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="font-style: italic; margin-left: 9pt;">Voyages in Progress</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;quot; font-style: italic;">15,075</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;quot; font-style: italic;">8,111</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;quot; font-style: italic;">23,186</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="font-style: italic; margin-left: 9pt;">Prepaid Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;quot; font-style: italic;">3,830</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;quot; font-style: italic;">(1,120</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;quot; font-style: italic;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;quot; font-style: italic;">2,710</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="font-family: &amp;quot;">Total Non-Current Assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;quot;">958,166</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;quot;">0</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; 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width: 64%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">Accounts Payable and Accrued Liabilities</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">(7,112</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">124</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">(6,988</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">) <br /></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">Net Cash (Used In)/Provided by Operating Activities</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">(16,103</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">(16,103</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">)</div></td></tr></table><div><br /></div><div>No other new accounting policies have been adopted since December 31, 2018.</div></div><span></span>
</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for costs incurred for repairs and maintenance activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue and expense recognition directly related to voyage and time charter agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for vessel operating expense, excluding depreciation expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_VesselOperatingExpensesPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AccountingPoliciesAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -URI http://asc.fasb.org/topic&amp;trid=2122369<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_BasisOfAccounting</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Entity's cash and cash equivalents accounting policy with respect to restricted balances.  Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4273-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CompensationRelatedCostsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(f(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18726-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CompensationRelatedCostsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskCreditRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for credit risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e5967-108592<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 825<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=108315417&amp;loc=d3e61044-112788<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.3A-02)<br> -URI http://asc.fasb.org/extlink&amp;oid=116822174&amp;loc=d3e355033-122828<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.3A-03)<br> -URI http://asc.fasb.org/extlink&amp;oid=116822174&amp;loc=d3e355100-122828<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=109239629&amp;loc=d3e5614-111684<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy related to debt. Includes, but is not limited to, debt issuance costs, the effects of refinancings, method of amortizing debt issuance costs and original issue discount, and classifications of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for equity method of accounting for investments and other interests. Investment includes, but is not limited to, unconsolidated subsidiary, corporate joint venture, noncontrolling interest in real estate venture, limited partnership, and limited liability company. Information includes, but is not limited to, ownership percentage, reason equity method is or is not considered appropriate, and accounting policy election for distribution received.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for determining the fair value of financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 60<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=7493716&amp;loc=d3e21868-110260<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=118260190&amp;loc=d3e13279-108611<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450520&amp;loc=d3e32583-110901<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=108376223&amp;loc=d3e13816-109267<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66006027&amp;loc=d3e16265-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32847-109319<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32809-109319<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=116657188&amp;loc=SL116659661-227067<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32840-109319<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=116821951&amp;loc=d3e32247-109318<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=116821951&amp;loc=d3e32280-109318<br><br>Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65884525&amp;loc=d3e40913-109327<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=116847112&amp;loc=d3e4556-108314<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 270<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=116846552&amp;loc=d3e543-108305<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=116847112&amp;loc=d3e4492-108314<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_InventoryPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for investment in financial asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_InvestmentPolicyTextBlock</td>
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</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for leasing arrangement entered into by lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=77888426&amp;loc=SL77918666-209980<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LesseeLeasesPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for reclassifications that affects the comparability of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PriorPeriodReclassificationAdjustmentDescription</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for assessing and recognizing impairments of its property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=109226691&amp;loc=d3e2921-110230<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PropertyPlantAndEquipmentImpairment</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_SegmentReportingPolicyPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(f)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5047-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TradeAndOtherAccountsReceivablePolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118936363&amp;loc=d3e4975-111524<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118936363&amp;loc=SL6953423-111524<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=118936363&amp;loc=d3e5033-111524<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=118936363&amp;loc=d3e5212-111524<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=118936363&amp;loc=d3e5093-111524<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=84159169&amp;loc=d3e10133-111534<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_TradeAndOtherAccountsReceivablePolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></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_us-gaap_UseOfEstimates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6191-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6161-108592<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6143-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e5967-108592<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6061-108592<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6132-108592<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e5967-108592<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6667425392">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>SHAREHOLDERS' EQUITY [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">SHAREHOLDERS' EQUITY</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 25.5pt; vertical-align: top; font-weight: bold;">14.</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">SHAREHOLDERS&#8217; EQUITY</div></td></tr></table><div>&#160;</div><div style="text-align: justify;">Authorized, issued and outstanding common shares roll-forward is as follows:</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 54%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Authorized</div><div style="color: rgb(0, 0, 0); font-weight: bold;">Shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">Issued and</div><div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">Out-</div><div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">standing</div><div style="text-align: center; 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font-weight: bold;">360,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">147,230,634</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">1,472</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td></tr></table><div style="text-align: justify;"><br /></div><div style="text-align: justify;">In December 2017, the Company completed an underwritten public offering of 40,000,000 common shares which increased its equity by $103.7 million.</div><div>&#160;</div><div style="text-align: justify;">In December 2018, the Annual General Meeting of the Company approved to increase the Company&#8217;s authorized share capital from $1.8 million to $3.6 million.</div><div>&#160;</div><div style="text-align: justify;">During 2019, the Company has issued 5,260,968 shares through the ATM program and raised net proceeds of $17.9 million.</div><div>&#160;</div><div style="font-weight: bold;">Additional Paid-in Capital</div><div>&#160;</div><div style="text-align: justify;">Included in Additional Paid-in Capital is the Company&#8217;s Share Premium Fund as defined by Bermuda law. The Share Premium Fund cannot be distributed without complying with certain legal procedures designed to protect the creditors of the Company, including public notice to its creditors and a subsequent period for creditor notice of concern, regarding the Company&#8217;s intention, following shareholder approval, to transfer such funds to the Company&#8217;s Contributed Surplus Account and thereby make such funds available for distribution.</div><div>&#160;</div><div>On November 20, 2019, at the Company&#8217;s Annual General Meeting, the shareholders voted to reduce the Share Premium Fund by the amount of about $103.4 million. The reduction in share premium did not result in a distribution to shareholders but rather, the surplus resulting from such reduction was credited to the Company's contributed surplus account. The legal procedures related to this reduction were finalized in December 2019 upon which the amount became eligible for distribution.</div><div><br /></div><div>The Share Premium Fund was $17.9 million and $103.4 million as of December 31, 2019 and 2018, respectively. Credits and Charges to Additional Paid in Capital were a result of the accounting for the Company&#8217;s share based compensation programs and issuance of shares.</div><div><br /></div><div style="font-weight: bold;">Contributed Surplus Account</div><div>&#160;</div><div style="text-align: justify;">The Company&#8217;s Contributed Surplus Account as defined by Bermuda law, consists of amounts previously recorded as share premium, transferred to Contributed Surplus Account when resolutions are adopted by the Company&#8217;s shareholders to make Share Premium Fund distributable or available for other purposes. As indicated by the laws governing the Company, the Contributed Surplus Account can be used for dividend distribution and to cover accumulated losses from its operations.</div><div><br /></div><div style="text-align: justify;">The Company&#8217;s Board of Directors has in 2019 determined to transfer $308.8 million from the Contributed Surplus Account to cover Accumulated Deficits incurred as of December 31, 2018. We refer to the information above related to the reduction of $103.3 million of the Share Premium Fund that was credited to the Company&#8217;s Contributed Surplus Account.</div><div><br /></div><div style="text-align: justify;">For the year ended December 31, 2019 and December 31, 2018, the Company paid a dividend of $14.3 million and $9.9 million, respectively, which was charged to the Contributed Surplus Account. The Company&#8217;s Contributed Surplus account was $567.2 million and $796.8 million per December 31, 2019 and 2018, respectively.</div><div><br /></div><div style="font-weight: bold;">Shareholders&#8217; Rights Plan</div><div>&#160;</div><div>On June 16, 2017, the Board of Directors adopted a new shareholders&#8217; rights agreement and declared a dividend of one preferred share purchase right to purchase one one-thousandth of a Series A Participating Preferred Share of the Company for each outstanding common share, par value $0.01 per share. The dividend was payable on June 26, 2017 to shareholders of record on that date. Each right entitles the registered holder to purchase from us one one-thousandth of a Series A Participating Preferred Share of the Company at an exercise price of $30.00, subject to adjustment. The Company can redeem the rights at any time prior to a public announcement that a person or group has acquired ownership of 15% or more of the Company&#8217;s common shares. As at December 31, 2019, no shares were issued pursuant to the plan.</div><div>&#160;</div><div>This shareholders&#8217; rights plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with, or a takeover of, the Company. Our shareholders&#8217; rights plan is not intended to deter offers that the Board determines are in the best interests of our shareholders.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -URI http://asc.fasb.org/topic&amp;trid=2208762<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6804778128">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENT SECURITIES (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>Vessel </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>Vessel</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_EquityMethodInvestmentAbstract', window );"><strong>Equity Method Investment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsUnderOperations', window );">Number of vessels operated</a></td>
<td class="nump">23<span></span>
</td>
<td class="nump">23<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_EquityMethodInvestmentsCarryingValue', window );">Carrying value of investment | $</a></td>
<td class="nump">$ 800<span></span>
</td>
<td class="nump">$ 4,200<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Consideration for shares disposed | $</a></td>
<td class="nump">17,922<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 103,748<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss', window );">Recognized gain (loss) from changes in fair market value | $</a></td>
<td class="num">$ (3,200)<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=nat_NordicAmericanOffshoreLimitedMember', window );">Nordic American Offshore Limited [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_EquityMethodInvestmentAbstract', window );"><strong>Equity Method Investment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Shares issued (in shares) | shares</a></td>
<td class="nump">187,815<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfSharesHeld', window );">Number of shares held (in shares) | shares</a></td>
<td class="nump">811,538<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_SharesHeldPercentageOfCommonStockOutstanding', window );">Shares held percentage of common stock outstanding</a></td>
<td class="nump">3.16%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=nat_HermitageOffshoreServicesLimitedMember', window );">Hermitage Offshore Services Limited [Member] | Platform Supply Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_EquityMethodInvestmentAbstract', window );"><strong>Equity Method Investment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsUnderOperations', window );">Number of vessels operated</a></td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=nat_HermitageOffshoreServicesLimitedMember', window );">Hermitage Offshore Services Limited [Member] | Anchor Handling Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_EquityMethodInvestmentAbstract', window );"><strong>Equity Method Investment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsUnderOperations', window );">Number of vessels operated</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=nat_HermitageOffshoreServicesLimitedMember', window );">Hermitage Offshore Services Limited [Member] | Crew Boats [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_EquityMethodInvestmentAbstract', window );"><strong>Equity Method Investment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsUnderOperations', window );">Number of vessels operated</a></td>
<td class="nump">11<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares held as of balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_NumberOfSharesHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_SharesHeldPercentageOfCommonStockOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Shares held percentage of common stock shares outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_SharesHeldPercentageOfCommonStockOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_VesselsUnderOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels under the operational management at of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_VesselsUnderOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of unrealized gain (loss) on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 321<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=116654751&amp;loc=SL75117546-209714<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_SharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_SharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=nat_NordicAmericanOffshoreLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=nat_NordicAmericanOffshoreLimitedMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=nat_HermitageOffshoreServicesLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=nat_HermitageOffshoreServicesLimitedMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_PlatformSupplyVesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_PlatformSupplyVesselsMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_AnchorHandlingVesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_AnchorHandlingVesselsMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_CrewBoatsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_CrewBoatsMember</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>
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<head>
<title></title>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6806567792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHARE-BASED COMPENSATION PLAN (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2011</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract', window );"><strong>Share-based Compensation Grant Date Fair Value of Options [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Compensation expense related to the stock option awards</a></td>
<td class="nump">$ 156<span></span>
</td>
<td class="nump">$ 413<span></span>
</td>
<td class="nump">$ 522<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheOneMember', window );">Options with Two Year Vesting [Member] | Stock Option [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract', window );"><strong>Share-based Compensation Grant Date Fair Value of Options [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
<td class="nump">57.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate', window );">Dividend yield</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate', window );">Risk-free interest rate</a></td>
<td class="nump">1.64%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Weighted-average grant date fair value (in dollars per share)</a></td>
<td class="nump">$ 0.59<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheTwoMember', window );">Options with Three Year Vesting [Member] | Stock Option [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract', window );"><strong>Share-based Compensation Grant Date Fair Value of Options [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
<td class="nump">52.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate', window );">Dividend yield</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate', window );">Risk-free interest rate</a></td>
<td class="nump">1.65%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice', window );">Weighted-average grant date fair value (in dollars per share)</a></td>
<td class="nump">$ 0.58<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=nat_EquityIncentivePlan2011Member', window );">2011 Equity Incentive Plan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationAbstract', window );"><strong>Share-based Compensation [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted (in shares)</a></td>
<td class="nump">92,165<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">400,000<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance', window );">Shares available for future issuance (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">137,665<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Granted during the year (in dollars per share)</a></td>
<td class="nump">$ 14.38<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod', window );">Common shares vested (in shares)</a></td>
<td class="nump">87,665<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury shares (in shares)</a></td>
<td class="nump">42,000<span></span>
</td>
<td class="nump">22,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Total compensation cost for the period</a></td>
<td class="nump">$ 100<span></span>
</td>
<td class="nump">$ 400<span></span>
</td>
<td class="nump">$ 500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=nat_EquityIncentivePlan2011Member', window );">2011 Equity Incentive Plan [Member] | Employees [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationAbstract', window );"><strong>Share-based Compensation [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod', window );">Forfeiture shares (in shares)</a></td>
<td class="nump">20,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=nat_AmendedRestated2011EquityIncentivePlanMember', window );">Amended 2011 Equity Incentive Plan [Member] | Stock Option [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationAbstract', window );"><strong>Share-based Compensation [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance', window );">Shares available for future issuance (in shares)</a></td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Stock option exercise price (in dollars per share)</a></td>
<td class="nump">$ 4.70<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract', window );"><strong>Share-based Compensation Grant Date Fair Value of Options [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Compensation expense related to the stock option awards</a></td>
<td class="nump">$ 100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions', window );">Unrecognized cost related to non-vested stock options</a></td>
<td class="nump">$ 500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Average vesting period</a></td>
<td class="text">2 years 1 month 6 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=nat_AmendedRestated2011EquityIncentivePlanMember', window );">Amended 2011 Equity Incentive Plan [Member] | Options with Two Year Vesting [Member] | Stock Option [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationAbstract', window );"><strong>Share-based Compensation [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Stock option grants (in shares)</a></td>
<td class="nump">755,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=nat_AmendedRestated2011EquityIncentivePlanMember', window );">Amended 2011 Equity Incentive Plan [Member] | Options with Three Year Vesting [Member] | Stock Option [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationAbstract', window );"><strong>Share-based Compensation [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Stock option grants (in shares)</a></td>
<td class="nump">234,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of unrecognized cost related to non-vested stock options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingNonVestedStockOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_AllocatedShareBasedCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense for award under share-based payment arrangement. Excludes amount capitalized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5047-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=115993241&amp;loc=d3e301413-122809<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate number of common shares reserved for future issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommonStockCapitalSharesReservedForFutureIssuance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncash expense for share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_ShareBasedCompensationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period over which grantee's right to exercise award under share-based payment arrangement is no longer contingent on satisfaction of service or performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Includes, but is not limited to, combination of market, performance or service condition.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Agreed-upon price for the exchange of the underlying asset relating to the share-based payment award.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num: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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num: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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The risk-free interest rate assumption that is used in valuing an option on its own shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(iv)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num: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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross number of share options (or share units) granted during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</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_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which option holders acquired shares when converting their stock options into shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6637291584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NATURE OF BUSINESS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>NATURE OF BUSINESS [Abstract]</strong></a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfOperations', window );">NATURE OF BUSINESS</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 25.5pt; vertical-align: top; font-weight: bold;">1.</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">NATURE OF BUSINESS</div></td></tr></table><div><br /></div><div style="text-align: justify;">Nordic American Tankers Limited (&#8220;NAT&#8221;) was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company&#8217;s shares trade under the symbol &#8220;NAT&#8221; on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering out double-hull tankers.</div><div><br /></div><div style="text-align: justify;">The Company is an international tanker company that currently has a fleet of 23 Suezmax tankers. The Company has not disposed of or acquired new vessels in 2019. The 23 vessels the Company operated per December 31, 2019, average approximately 156,000 dwt each. In 2019, 2018 and 2017, the Company chartered out its operating vessels primarily in the spot market.</div><div>&#160;</div><div style="text-align: justify; font-weight: bold;">The Company&#8217;s Fleet</div><div>&#160;</div><div style="text-align: justify;">The Company&#8217;s current fleet consists of 23 Suezmax crude oil tankers of which the vast majority have been built in Korea.</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td style="width: 25%; vertical-align: top;"><div style="font-weight: bold;"><u>Vessel</u></div></td><td style="width: 15%; vertical-align: top;"><div style="text-align: center; font-weight: bold;"><u>Built in</u></div></td><td style="width: 20%; vertical-align: top;"><div style="text-align: center; font-weight: bold;"><u>Deadweight</u></div><div style="text-align: center; font-weight: bold;"><u> Tons</u></div></td><td style="width: 20%; vertical-align: top;"><div style="text-align: center; font-weight: bold;"><u>Delivered to NAT in</u></div><div>&#160;</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Freedom</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2005</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">159,331</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2005</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Moon</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2002</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">160,305</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2006</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Apollo</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2003</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">159,998</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2006</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Cosmos</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2003</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">159,999</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2006</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Grace</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2002</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">149,921</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2009</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Mistral</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2002</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">164,236</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2009</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Passat</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2002</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">164,274</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2010</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Vega</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2010</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">163,940</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2010</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Breeze</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2011</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">158,597</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2011</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Zenith</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2011</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">158,645</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2011</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Sprinter</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2005</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">159,089</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2014</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Skier</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2005</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">159,089</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2014</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Light</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2010</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">158,475</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2015</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Cross</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2010</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">158,475</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2015</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Luna</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2004</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">150,037</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Castor</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2004</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">150,249</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Sirius</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2000</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">150,183</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Pollux</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2003</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">150,103</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Star</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2016</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">159,000</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Space</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2017</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">159,000</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2017</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Tellus</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2018</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">157,000</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2018</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Aquarius</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2018</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">157,000</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2018</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Cygnus</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2018</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">157,000</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2018</div></td></tr></table></div><span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e5967-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -URI http://asc.fasb.org/topic&amp;trid=2134479<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6791325760">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Nov. 19, 2019</div></th>
<th class="th"><div>Mar. 29, 2019</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Jun. 16, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AuthorizedSharesRollForward', window );"><strong>Authorized Shares [Roll forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Balance at beginning of period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">360,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Balance at end of period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">360,000,000<span></span>
</td>
<td class="nump">360,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_IssuedAndOutstandingSharesRollForward', window );"><strong>Issued and Outstanding Shares [Roll forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Balance at beginning of period, issued (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance at beginning of period, outstanding (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Common Shares Issued in Follow-on Offering (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,260,968<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Balance at end of period, issued (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">147,230,634<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance at end of period, outstanding (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">147,230,634<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_CommonStockRollForward', window );"><strong>Common Stock [Roll forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Common Shares Issued in Follow-on Offering, value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 17,922<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 103,748<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract', window );"><strong>Common Stock [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from issuance of common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,922<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">103,748<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalAbstract', window );"><strong>Additional Paid in Capital [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ReductionOfSharePremium', window );">Reduction of share premium</a></td>
<td class="num">$ (103,400)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_SharePremiumFund', window );">Share premium fund</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,900<span></span>
</td>
<td class="nump">103,400<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_ContributedSurplusAccountAbstract', window );"><strong>Contributed Surplus Account [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ReductionOfContributedSurplus', window );">Reduction of contributed surplus</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(308,800)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividends', window );">Dividend paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,300<span></span>
</td>
<td class="nump">9,900<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityPeriodIncreaseDecrease', window );">Contribution to surplus account</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 567,200<span></span>
</td>
<td class="nump">$ 796,800<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_ShareholdersRightsPlanAbstract', window );"><strong>Shareholders' Rights Plan [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common Share, par value (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentTypeAxis=us-gaap_RightsMember', window );">Shareholders' Rights Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_ShareholdersRightsPlanAbstract', window );"><strong>Shareholders' Rights Plan [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PreferredSharePurchaseRight', window );">Preferred share purchase right</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common Share, par value (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1', window );">Shareholders rights, exercise price (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PercentageOfCommonShareOwnership', window );">Percentage of common share ownership</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_AuthorizedSharesRollForward', window );"><strong>Authorized Shares [Roll forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Balance at beginning of period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">360,000,000<span></span>
</td>
<td class="nump">180,000,000<span></span>
</td>
<td class="nump">180,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfAdditionalSharesAuthorized', window );">Authorization of additional authorized shares (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">180,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Balance at end of period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">360,000,000<span></span>
</td>
<td class="nump">360,000,000<span></span>
</td>
<td class="nump">180,000,000<span></span>
</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="top.Show.showAR( this, 'defref_nat_IssuedAndOutstandingSharesRollForward', window );"><strong>Issued and Outstanding Shares [Roll forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Balance at beginning of period, issued (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">101,969,666<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance at beginning of period, outstanding (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">101,969,666<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Common Shares Issued in Follow-on Offering (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,260,968<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40,000,000<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Balance at end of period, issued (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">147,230,634<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">141,969,666<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance at end of period, outstanding (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">147,230,634<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">141,969,666<span></span>
</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="top.Show.showAR( this, 'defref_nat_CommonStockRollForward', window );"><strong>Common Stock [Roll forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockValueOutstanding', window );">Balance at beginning of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,420<span></span>
</td>
<td class="nump">$ 1,420<span></span>
</td>
<td class="nump">$ 1,020<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Common Shares Issued in Follow-on Offering, value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">52<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">400<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockValueOutstanding', window );">Balance at end of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,472<span></span>
</td>
<td class="nump">$ 1,420<span></span>
</td>
<td class="nump">1,420<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalAbstract', window );"><strong>Additional Paid in Capital [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ReductionOfSharePremium', window );">Reduction of share premium</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AuthorizedSharesRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_AuthorizedSharesRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_nat_CommonStockRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_CommonStockRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_nat_ContributedSurplusAccountAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_ContributedSurplusAccountAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_nat_IssuedAndOutstandingSharesRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_IssuedAndOutstandingSharesRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_nat_NumberOfAdditionalSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of additional shares authorized during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_NumberOfAdditionalSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</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_nat_PercentageOfCommonShareOwnership">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of common share ownership by any person that are subject to the entity's redemption of preferred share purchase rights.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_PercentageOfCommonShareOwnership</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_PreferredSharePurchaseRight">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to a dividend of one preferred share purchase right to acquire shares of preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_PreferredSharePurchaseRight</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ReductionOfContributedSurplus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reduction of contributed surplus during the period to cover accumulated deficits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_ReductionOfContributedSurplus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_nat_ReductionOfSharePremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reduction in additional paid-in capital for amounts transferred to contributed surplus.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_ReductionOfSharePremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_nat_SharePremiumFund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount included in additional paid in capital, which cannot be distributed without certain legal procedures designed to protect the creditors of the Company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_SharePremiumFund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ShareholdersRightsPlanAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_ShareholdersRightsPlanAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_us-gaap_AdditionalPaidInCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AdditionalPaidInCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Exercise price per share or per unit of warrants or rights outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(i)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValueOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of all classes of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares exclude common shares repurchased by the entity and held as treasury shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommonStockValueOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PaymentsOfDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
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<tr>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in stockholders' equity during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockholdersEquityPeriodIncreaseDecrease</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td></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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6789900016">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common Stock, shares authorized (in shares)</a></td>
<td class="nump">360,000,000<span></span>
</td>
<td class="nump">360,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common Stock, shares issued (in shares)</a></td>
<td class="nump">147,230,634<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common Stock, shares outstanding (in shares)</a></td>
<td class="nump">147,230,634<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommonStockParOrStatedValuePerShare</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommonStockSharesAuthorized</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6798706592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2019 </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="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</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="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">NORDIC AMERICAN TANKERS Ltd<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001000177<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</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="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Accelerated Filer<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</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="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">147,230,634<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</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="top.Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</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="top.Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</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="top.Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document Shell Company Report</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="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2019<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2019<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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_AmendmentFlag</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: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_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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_CoverAbstract</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: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_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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_CurrentFiscalYearEndDate</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:gMonthDayItemType</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_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 20-F, 40-F<br> -Number 240<br> -Section 15<br> -Subsection d-1<br></p></div>
<a href="javascript:void(0);" onclick="top.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_DocumentAnnualReport</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: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_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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_DocumentFiscalPeriodFocus</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:fiscalPeriodItemType</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_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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_DocumentFiscalYearFocus</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:gYearItemType</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_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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_DocumentPeriodEndDate</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: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_dei_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.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_DocumentShellCompanyReport</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: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_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1-<br></p></div>
<a href="javascript:void(0);" onclick="top.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_DocumentTransitionReport</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: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_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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_DocumentType</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:submissionTypeItemType</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_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.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_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
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<a href="javascript:void(0);" onclick="top.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="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6639260640">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT [Abstract]</strong></a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtTextBlock', window );">LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; font-weight: bold;">10.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT</div></td></tr></table><div>&#160;</div><div style="text-align: justify; font-weight: bold;">Credit Facility and 2019 Senior Secured Credit Facility:</div><div>&#160;</div><div style="color: rgb(0, 0, 0);">In 2012, the Company entered into a $430 million revolving credit facility, which in 2015 was increased to $500 million, with a syndicate of lenders in order to refinance its existing credit facility, fund future vessel acquisitions and for general corporate purposes (the "Credit Facility").</div><div><br /></div><div>The Company had $313.4 million borrowed as of December 31, 2018 under this credit facility.<font style="color: rgb(0, 0, 0);"> In connection with the expansion of the Credit Facility in 2015, the Company incurred $4.6 million in deferred financing costs, which was amortized over the term of the loan and presented net of the outstanding loan balance. The remaining balance as of December 31, 2018 was $1.7 million, which has been expensed as Interest Expenses in 2019, upon the repayment on February 12, 2019, of the then remaining balance of $313.4 million of the Credit Facility.</font></div><div><br /></div><div style="text-align: justify;">On February 12, 2019 the Company entered into a new five-year senior secured credit facility for $306.1 million (the &#8220;2019 Senior Secured Credit Facility&#8221;) that refinanced the outstanding balance on the Credit Facility as of that date. Borrowings under the 2019 Senior Secured Credit Facility are secured by first priority mortgages over the vessels (excluding the three vessels delivered in 2018, see description below) and assignments of earnings and insurance. The loan is amortizing with a twenty-year maturity profile, carries a floating LIBOR interest rate plus a margin and matures in February 2024. Further, the agreement contains a discretionary excess cash mechanism for the lender that equals 50% of the net earnings from the collateral vessels, less capex provision and fixed loan amortization. The Company has incurred $13.0 million (including a non-cash portion of $6.1 million) in financing costs, which is amortized over the term of the loan and the outstanding loan balance was presented net of the costs. The agreement contains covenants that require a minimum liquidity of $30.0 million and a loan-to-vessel value ratio of maximum 70%. We are free to distribute dividends as long as we comply with the described covenants.</div><div><br /></div><div>As of December 31, 2019, the Company had $291.8 million drawn under its 2019 Senior Secured Credit Facility, where $18.7 million has been presented as Current Portion of Long-Term Debt. This includes $3.4 million related to the excess cash flow mechanism payment related to earnings generated in the fourth quarter of 2019 and payable in the first quarter of 2020. The Company has incurred $13.0 million in financing cost, which is amortized over the term of the loan and presented net of the outstanding loan balance. The estimated fair value for the long-term debt is considered to be approximately equal to the carrying value since it carries a variable interest rate. As of December 31, 2019 and as of the date of the issuance of this report, the Company is in compliance with the terms of the 2019 Senior Secured Credit Facility.</div><div><br /></div><div>The 2019 Senior Secured Credit Facility is amortizing with a twenty-year maturity profile and the Company has repaid $14.3 million of the facility in the twelve months ended December 31, 2019. Subsequent to December 31, 2019, a further repayment of $7.3 million has been done and the outstanding balance as of the date of this report is $284.5 million.</div><div><br /></div><div style="text-align: justify; font-style: italic; font-weight: bold;">Financing of 2018 Newbuildings</div><div><br /></div><div>The three 2018 Newbuildings were delivered in July, August and October 2018, respectively. Under the terms of the financing agreement, the lender has provided financing of 77.5% of the purchase price for each of the three 2018 Newbuildings and paid the remaining payment obligations to Samsung shipyard that were due upon delivery of the vessels. Net proceeds of $12.5 million received from Ocean Yield ASA were used to pay down the drawn amount on the Credit Facility. Upon delivery of each of the vessels, the Company entered into ten-year bareboat charter agreements. The Company has obligations to purchase each vessel for $13.6 million upon the completion of the ten-year bareboat charter agreements, and also has the option to purchase the vessels after sixty and eighty-four months. The financing agreements for the three vessels have a total effective interest rate ranging from 6.50% to 6.72% including a floating LIBOR element that is subject to annual adjustment. The financing agreement contains certain financial covenants requiring us to on a consolidated basis to maintain a minimum value adjusted equity of $175.0 million and ratio of 25%, minimum liquidity of $20.0 million; and a minimum vessel value to outstanding lease clause.</div><div>&#160;</div><div>The outstanding amount under this financing arrangement was $119.9 million and $127.1 million as of December 31, 2019 and 2018, respectively, where $7.6 and $7.3 million has been presented as Current Portion of Long-Term Debt, respectively. 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In developing estimates of future cash flows, the Company makes assumptions about the vessels&#8217; future performance, market rates, operating expenses, capital expenditure, fleet utilization, general and administrative expenses, loan repayments and interest charges. The assumptions applied are based on historical experience and future expectations.</div><div><br /></div><div style="text-align: justify;">On March 29, 2019, the Company entered into an equity distribution agreement with B. Riley FBR, Inc., acting as a sales agent, under which we may, from time to time, offer and sell shares of our common stock through an At-the-Market Offering (&#8220;ATM&#8221;) program having an aggregate offering price of up to $40,000,000. As of December 31, 2019, the Company has raised gross and net proceeds (after deducting sales commissions and other fees and expenses) under the ATM of $18.6 million and $17.9 million, respectively, by issuing and selling 5,260,968 common shares. 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -URI http://asc.fasb.org/topic&amp;trid=2122745<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6606543472">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 25.5pt; vertical-align: top; font-weight: bold;">2.</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Basis of Accounting: </font>These consolidated financial statements (&#8220;financial statements&#8221;) have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;).</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Reclassifications: </font>The Company has reclassified certain amounts relating to its presentation of cash flows for 2017 to conform to its current period presentation. These reclassifications have not changed the results of operations of prior periods.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Principles of Consolidation: </font>Entities in which NAT has controlling financial interest are consolidated. Subsidiaries are consolidated from the date on which control is obtained. The subsidiaries&#8217; accounting policies are in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated in the consolidation.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Use of Estimates:</font> Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The effects of changes in accounting estimates are accounted for in the same period in which the estimates are changed.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Foreign Currency Translation: </font>The functional currency of NAT is the United States (&#8220;U.S.&#8221;) dollar as substantially all revenues are nominated in U.S. dollars and the majority of the expenditures are incurred and paid in U.S. dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction<font style="font-weight: bold;">.</font> The Company&#8217;s subsidiaries of NAT Chartering Ltd, NAT Chartering AS, and the European branch of Scandic American Shipping Ltd, have Norwegian kroner as their functional currency. All assets and liabilities of those entities are translated into U.S. dollars as of each balance sheet date. Translation gains and losses are reflected in shareholders&#8217; equity as part of accumulated other comprehensive loss.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Revenue and Expense Recognition: </font>Revenues and expenses are recognized on the accruals basis. Revenues are generated from spot and time charters.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Spot Charters:</font><font style="font-style: italic;">&#160;</font>For vessels operating on spot charters, voyage revenues are recognized ratably over the estimated length of each voyage, on a load-to-discharge basis and, therefore, are allocated between reporting periods based on the relative transit time in each period. Voyage expenses are capitalized between the discharge port of the immediately previous cargo, or contract date if later, and the load port of the cargo to be chartered if they qualify as fulfillment costs. Incremental cost to obtain a contract is capitalized and amortized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs as incurred. Expected losses that are deemed probable on voyages are provided for in full at the time such losses can be estimated. A voyage is deemed to commence upon loading of cargo and is deemed to end upon the completion of discharge of the same cargo. The Company does not capitalize fulfilment cost or recognize revenue if a charter has not been contractually committed to by a customer.</div><div><br /></div><div style="text-align: justify;">As the Company&#8217;s performance obligations are services which are received and consumed by our customers as we perform such services, revenues are recognized over time proportionate to the days elapsed since the service commencement compared to the total days anticipated to complete the service. Freight is generally billed to the customers after the cargo has been discharged and the performance obligation fulfilled by the Company. The Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the load and discharge ports. Demurrage earned during a spot charter represents a variable consideration. The Company recognizes such revenues in the voyage estimates only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Voyage estimates are reviewed and updated over the duration of the spot charter contract. When the Company&#8217;s tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations.</div><div><br /></div><div style="text-align: justify;">In 2017, before the adoption of Topic 606 on January 1, 2018, the Company recognized voyage revenues ratably over the estimated length of each voyage, on a discharge-to-discharge basis.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Time Charters: </font>Under a time charter, the charterer pays for the voyage expenses, such as port, canal and fuel costs, while the Company pays for vessel operating expenses, including, among other costs, crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and costs relating to a vessel&#8217;s intermediate and special surveys. Revenues from time charter contracts where the Company is a lessor are accounted for as fixed rate operating leases under ASC 842 Leases and are recognized daily over the term of the charter. Time charter agreements with profit-sharing are recognized when the contingency related to it is resolved. <font style="color: rgb(0, 0, 0);">The Company has applied the practical expedient to not separate nonlease components from the associated lease component and instead to account for those components as a single component if the nonlease component otherwise would be accounted for under the new revenue guidance (ASC 606); and both of the following are met: (1) the timing and patterns of transfer of the nonlease component and associated lease are the same; and (2) the lease component, if accounted for separately, would be classified as&#160; an operating lease. The pattern of revenue recognition has not changed as a result of implementation of ASC 842 Leases.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Vessel Operating Expenses</font><font style="font-weight: bold; color: rgb(0, 0, 0);">:</font> Vessel operating expenses include crewing, repair and maintenance, insurance, stores, lubricants, management fee, communication expenses and tonnage tax. These expenses are recognized when incurred.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Cash, Cash Equivalents and Restricted Cash:</font> Cash and cash equivalents consist of highly liquid investments such as time deposits with original maturities when acquired of three months or less. Amounts included in restricted cash represent those required to be set aside by a contractual agreement with a banking institution for the payment of future estimated drydocking expenditure related to the vessels used as collateral.</div><div><br /></div><div><font style="font-weight: bold;">Accounts Receivable, Net:</font><font style="font-weight: bold; font-style: italic;">&#160;</font>Accounts receivable and other receivables are presented net of allowance for doubtful balances. The Company regularly reviews its accounts receivables and estimates the amount of uncollectible receivables each period and provides for an allowance for uncollectable amounts. The assessment of the allowance is based on the age of the unpaid receivables, financial status of the customer and other relevant information.<br /></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Inventories: </font>Inventories are comprised of bunker fuel and lubrication oil. Cost is determined on a first-in, first-out (&#8220;FIFO&#8221;) basis.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Vessels:</font> Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing costs incurred during the construction period of the vessels are capitalized and included in vessels&#8217; cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is expensed over the estimated useful life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. Repairs and maintenance are expensed as incurred.</div><div><br /></div><div><font style="font-weight: bold;">Impairment of Vessels: </font>The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on a vessel by vessel basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and fair value (based on broker estimates). In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels&#8217; future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel, net of brokerage commissions, expected outflows for vessels&#8217; maintenance and vessel operating expenses (including planned drydocking expenditures). The Company estimates the daily time charter equivalent for the remaining operating days, utilizing available market data for spot market rates for the initial two-year period and the most recent fifteen-year historical average for similar vessels for the remaining estimated life of the vessel. Useful economic life is assumed to be 25 years from the delivery of the vessel from the shipyard. The salvage value used in the impairment test is estimated to be $8.0 million per vessel. If the Company&#8217;s estimate of undiscounted future cash flows for any vessel is lower than the vessel&#8217;s carrying value, the carrying value is written down, by recording an impairment charge.</div><div><br /></div><div><font style="font-weight: bold;">Drydocking:</font> The Company&#8217;s vessels are required to be drydocked approximately every 30 to 60 months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during drydocking, and for annual class survey costs. Ballast tank improvements are capitalized and amortized on a straight-line basis over a period of eight years. The capitalized and unamortized drydocking costs are included in the book value of the vessels. Amortization expense of the drydocking costs is included in depreciation expense.</div><div><br /></div><div><font style="font-weight: bold;">Leases:</font> The Company bareboat charters certain vessels under leasing agreements. Sale-leaseback arrangements where the transaction is not considered a sale under ASC 606 are accounted for as a financing transaction. Consideration received in such sale-leaseback arrangements is recorded as a financial liability. Each lease payment is allocated between liability and interest expense to achieve a constant rate on the financial liability outstanding. The interest element is charged as Interest Expense over the lease period. The Company has certain office lease contracts resulting in a right-of-use asset and a lease liability and the Company has applied an incremental borrowing rate as the discount rate to calculate the respective asset and liability. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (ROU) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Investments in Equity Method Investees:</font> Investments in other entities where the Company has &#8220;significant influence&#8221; in accordance with U.S. GAAP are accounted for using the equity method of accounting. Under the equity method of accounting, the investment is stated at initial cost and is adjusted for subsequent additional investments and the Company&#8217;s proportionate share of earnings or losses and distributions. The Company evaluates its investment in equity method investees for impairment when events or circumstances indicate that the carrying value of the investment may have experienced an other than temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value and is considered an other than temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Statements of Operations.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Investment Securities:</font> Equity securities are recorded at fair value with changes in fair value recognized in net income.</div><div>&#160;</div><div><font style="font-weight: bold;">Goodwill:</font><font style="font-weight: bold;">&#160;</font>Goodwill represents the excess of costs over the fair value of the assets of businesses NAT has acquired. Goodwill is not amortized, but instead tested for impairment at the reporting unit level on an annual basis as of December 31, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is tested for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of the reporting unit, unless there is a readily determinable fair market value.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Deferred Compensation Liability: </font>The Company had two individual deferred compensation agreement with the Company&#8217;s CEO and a former CFO &amp; EVP. The former CFO &amp; EVP had an individual deferred compensation agreement, denominated in Norwegian kroner, where further benefits did not accrue upon leaving the Company as of Dec 31, 2017. The liabilities have been accounted for on an accrual basis using actuarial calculations. Any currency translation adjustments as well as actuarial gains and losses have been recognized in general and administrative expenses as incurred. Both agreements have been terminated in 2019 and we refer to note 7 for further information.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Segment Information: </font>The Company has identified only one operating segment. The Company has only one type of vessel &#8211; Suezmax crude oil tankers. The Company does not provide a geographical analysis because the Company&#8217;s business is global in nature and the location of its vessels continually changes.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Fair Value of Financial Instruments:</font> The fair values of cash, cash equivalents and restricted cash, accounts receivable, accounts payable and accrued liabilities approximate carrying value because of the short-term nature of these instruments.</div><div><br /></div><div><font style="font-weight: bold;">Deferred Financing Costs:</font><font style="font-weight: bold; font-style: italic;">&#160;</font>Financing costs, including fees, commissions and legal expenses are deferred and amortized over the term of the arrangement, which approximates the effective interest method. Incurred fees related to loans not yet drawn are presented as Other non-current Assets. The deferred financing costs are accounted as a direct deduction from the associated debt liability.</div><div><br /></div><div style="text-align: justify; font-weight: bold;">Share Based Compensation:</div><div style="text-align: justify; font-style: italic;">Restricted shares</div><div style="text-align: justify;">The fair value of restricted shares to employees is estimated based on the market price of the Company&#8217;s shares. The fair value of restricted shares granted to employees is measured at grant date and the Company records the compensation expense for such awards over the requisite service period.</div><div><br /></div><div style="text-align: justify; font-style: italic;">Stock options</div><div>The Company grants stock options as incentive-based compensation to certain employees. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost over the requisite service period.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Income Taxes: </font>The Company is incorporated in Bermuda. Under current Bermuda law, the Company is not subject to corporate income taxes. The statutory applicable rate to consolidated corporate earnings is 0%.</div><div><br /></div><div style="text-align: justify;">Two of the Company&#8217;s wholly-owned subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 22%, 23%, and 24% for the years ended December 31, 2019, 2018 and 2017, respectively, of their taxable profit.<font style="font-weight: bold; color: rgb(255, 0, 0);">&#160;</font><font style="color: rgb(0, 0, 0);">The income tax expensed for year ended December 31, 2019, 2018 and 2017 was $71,000, $79,000, and $83,000, respectively. Deferred tax assets related to these entities are inconsequential. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes.</font></div><div><br /></div><div><font style="font-weight: bold;">Concentration of Credit Risk:</font><font style="font-weight: bold; font-style: italic;">&#160;</font>Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company&#8217;s cash is primarily held in major banks and financial institutions and typically insured up to a set amount. Accordingly, the Company believes the risk of any potential loss on deposits held in these institutions is remote. Concentrations of credit risk relative to accounts receivable are limited to our client base in the oil and energy industry that may be affected by changes in economic or other external conditions. The Company does not require collateral for its accounts receivable. The fair value of the financial instruments approximates the net book value.</div><div><br /></div><div style="text-align: justify;">For the year ended December 31, 2019, one customer accounted for 13.5% of the spot charter revenues. For the year ended December 31, 2018, one customer accounted for 10.5% of the spot charter revenues. For the year ended December 31, 2017, one customer accounted for 12% of the spot charter revenues.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Accounts receivable, Net, as of December 31, 2019, and 2018 were $24.6 and $22.1 million, respectively. As of December 31, 2019, three charterers accounted for 48% of the outstanding accounts receivable, with 19%, 15% and 14%. As of December 31, 2018, three charterers accounted for 49% of the outstanding accounts receivable, with 24%, 13%, and 12%.</div><div><br /></div><div style="text-align: justify; font-weight: bold;">Recent Accounting Pronouncements</div><div>&#160;</div><div>In June 2016, the FASB issued ASU 2016-13, Financial Instruments &#8211; Credit losses (ASC 326), which amends the guidance on the impairment of financial instruments. The standard adds an impairment model known as the current expected credit loss ("CECL") model that is based on expected losses rather than incurred losses. Under the new guidance, an entity is required to recognize as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. Unlike the incurred loss models under existing standards, the CECL model does not specify a threshold for the recognition of an impairment allowance. Rather, an entity will recognize its estimate of expected credit losses for financial assets as of the end of the reporting period. Credit impairment will be recognized as an allowance or contra-asset rather than as a direct write-down of the amortized cost basis of a financial asset. However, the carrying amount of a financial asset that is deemed uncollectible will be written off in a manner consistent with existing standards. The standard will be effective for the first reporting period within annual periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect any material impact on our financial assets from implementation of this new guidance.</div><div><br /></div><div style="font-weight: bold;">Recently Adopted Accounting Standards</div><div>&#160;</div><div>Effective January 1, 2019, the Company adopted ASC 842 Leases applying the modified retrospective method. We recognized an initial $1.9 million lease liability and a corresponding right-of-use lease asset to comply with the new lease standard. No cumulative effects have been recorded to the Company&#8217;s accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those prior periods (effective date method). The Company has applied the practical expedient for time-charter out contracts that include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer, to not separate non-lease components, or service element, from the associated lease component and instead to account for those components as a single component if the non-lease component otherwise would be accounted for under the new revenue guidance (ASC 606); and both of the following are met: (1) the timing and patterns of transfer of the non-lease component and associated lease are the same; and (2) the lease component, if accounted for separately, would be classified as&#160; an operating lease.</div><div><br /></div><div>The right-of-use asset, presented in Other-Non Current Assets, and lease liability is related to leased office space and the reduction in the carrying amount of the right-of-use asset during the twelve months ended December 31, 2019 has been $0.5 million. Certain of the Company&#8217;s lease contracts for office space include optional periods that are not included in the right-of-use asset and lease liability. The discount rate applied to the calculations is an incremental borrowing rate. The lease liability is presented in Other Current Liabilities and Operating Lease Liabilities and the lease cost is recognized in General and Administrative Expenses.</div><div><br /></div><div>ASC 842 allows lessees to elect as an accounting policy not to apply the provisions of ASC 842 to short term leases (i.e., leases with an original term of 12-months or less), which the Company has applied. Instead, a lessee may recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.</div><div><br /></div><div>Effective January 1, 2018, the Company adopted <font style="font-style: italic;">Revenue from Contracts with Customers (ASC 606). </font>The financial year ended December 31, 2019 is comparative with the financial year ended December 31, 2018, as the new revenue standard is applied consistently for both financial years. The financial year ended December 31, 2017 is presented under the previous revenue recognition standard. On December 31, 2017 we had 19 vessels affected by the change in the revenue recognition standard that resulted in an adjustment to increase our opening balance of accumulated deficit as of January 1, 2018 of $4.1 million. 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text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">289,016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">2,819</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">(627</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">(165,639</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"><div style="font-family: &amp;amp; font-weight: bold;">Net Operating Loss</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp; font-weight: bold;">(38,616</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;amp; font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp; font-weight: bold;">2,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp; font-weight: bold;">(36,423</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;amp; font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"><div style="font-family: &amp;amp; font-weight: bold;">Net Loss *</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp; font-weight: bold;">(95,306</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-family: &amp;amp; font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp; font-weight: bold;">2,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp; font-weight: bold;">(93,113</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-family: &amp;amp; font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"><div style="font-family: &amp;amp; font-weight: bold;">Total Comprehensive Loss</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp; font-weight: bold;">(95,438</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;amp; font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp; font-weight: bold;">2,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp; font-weight: bold;">(93,245</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;amp; font-weight: bold;">)</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td colspan="12" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="font-family: &amp;amp; font-weight: bold;">Effect on the Consolidated Statement of Cash Flows as of December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top;"><div style="font-family: &amp;amp; font-style: italic;">In thousands of USD</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">As reported</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">Adjustments</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">Amounts before ASC606</div><div style="font-weight: bold;">adoption</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">Net Loss</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">(95,306</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">2,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">(93,113</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">Voyages in Progress</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">(5,059</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">(2,819</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">(7,879</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">Prepaid Expenses and Other Current Assets</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">1,837</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">503</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">2,340</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">Accounts Payable and Accrued Liabilities</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">(7,112</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">124</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">(6,988</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">) <br /></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">Net Cash (Used In)/Provided by Operating Activities</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">(16,103</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">(16,103</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">)</div></td></tr></table><div><br /></div><div>No other new accounting policies have been adopted since December 31, 2018.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -URI http://asc.fasb.org/topic&amp;trid=2122369<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6794513856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT [Abstract]</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="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock', window );">Aggregate Annual Principal Payments of Debt</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>As of December 31, 2019 the aggregate annual principal payments required to be made under the Company&#8217;s debt facilities are as follows:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 30%;"><div style="font-family: &amp;quot; font-weight: bold;">Debt payments in $'000s</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: &amp;quot; font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div></div><div></div><div style="font-weight: bold;">2021</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div></div><div></div><div style="font-weight: bold;">2022</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2024</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: &amp;quot; font-weight: bold;">More</div><div style="text-align: center; font-family: &amp;quot; font-weight: bold;">than 5<br /> &#160;years</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 30%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">Senior Secured Credit Facility (1)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">291,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">18,749</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">15,305</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">15,305</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">15,305</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">227,134</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 30%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">Financing of 2018 Newbuildings (2)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">119,867</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">7,630</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">7,960</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">8,327</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">8,711</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">9,138</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">78,101</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 30%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">411,665</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">26,379</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">23,265</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">23,632</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">24,016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">236,272</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">78,101</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt;"><br /></td><td style="width: 18pt; vertical-align: top;">(1)</td><td style="width: auto; vertical-align: top;"><div>Refers to obligation to repay indebtness outstanding as of December 31, 2019 under the 2019 Senior Secured Credit Facility</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt;"><br /></td><td style="width: 18pt; vertical-align: top;">(2)</td><td style="width: auto; vertical-align: top;"><div>Refers to obligation to repay indebtness outstanding as of December 31, 2019 for financing of the 2018 Newbuildings</div></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6794524272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>SHAREHOLDERS' EQUITY [Abstract]</strong></a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfStockholdersEquityTableTextBlock', window );">Authorized, Issued and Outstanding Common Shares Roll-forward</a></td>
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border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Common</div><div style="color: rgb(0, 0, 0); font-weight: bold;">Stock</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">Balance as of January 1, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; 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font-family: &amp;quot;">Common Shares Issued in Follow-on Offering</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot;">40,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot;">400</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">Balance as of December 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">180,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">141,969,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">1,420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot;">Authorization of additional authorized shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot;">180,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">Balance as of December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">360,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">141,969,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">1,420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 54%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot;">At-the-Market Offering</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot;">5,260,968</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot;">52</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; 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width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-family: &amp;quot; font-weight: bold;">147,230,634</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6804725104">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current Assets</strong></a></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and Cash Equivalents</a></td>
<td class="nump">$ 48,847<span></span>
</td>
<td class="nump">$ 49,327<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashCurrent', window );">Restricted Cash</a></td>
<td class="nump">12,791<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsAndNotesReceivableNet', window );">Accounts Receivable, Net</a></td>
<td class="nump">24,583<span></span>
</td>
<td class="nump">22,102<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableRelatedPartiesCurrent', window );">Accounts Receivable, Related Party</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">492<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid Expenses</a></td>
<td class="nump">3,383<span></span>
</td>
<td class="nump">3,830<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FIFOInventoryAmount', window );">Inventory</a></td>
<td class="nump">22,475<span></span>
</td>
<td class="nump">20,291<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnbilledReceivablesCurrent', window );">Voyages in Progress</a></td>
<td class="nump">13,124<span></span>
</td>
<td class="nump">15,075<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquitySecuritiesFvNi', window );">Investment Securities</a></td>
<td class="nump">825<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other Current Assets</a></td>
<td class="nump">3,344<span></span>
</td>
<td class="nump">1,828<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total Current Assets</a></td>
<td class="nump">129,372<span></span>
</td>
<td class="nump">112,945<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Non-Current Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsNet', window );">Vessels</a></td>
<td class="nump">899,997<span></span>
</td>
<td class="nump">953,758<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_EquitySecuritiesFVNINonCurrent', window );">Investment Securities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">4,197<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other Non-Current Assets</a></td>
<td class="nump">1,534<span></span>
</td>
<td class="nump">211<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total Non-Current Assets</a></td>
<td class="nump">901,531<span></span>
</td>
<td class="nump">958,166<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total Assets</a></td>
<td class="nump">1,030,903<span></span>
</td>
<td class="nump">1,071,111<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts Payable</a></td>
<td class="nump">8,405<span></span>
</td>
<td class="nump">3,575<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AccruedVoyageExpensesCurrent', window );">Accrued Voyage Expenses</a></td>
<td class="nump">11,524<span></span>
</td>
<td class="nump">5,063<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesCurrent', window );">Other Current Liabilities</a></td>
<td class="nump">15,562<span></span>
</td>
<td class="nump">8,960<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current Portion of Long Term Debt</a></td>
<td class="nump">23,537<span></span>
</td>
<td class="nump">18,692<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total Current Liabilities</a></td>
<td class="nump">59,028<span></span>
</td>
<td class="nump">36,290<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>Non - Current Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-Term Debt</a></td>
<td class="nump">375,364<span></span>
</td>
<td class="nump">417,836<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiabilityNoncurrent', window );">Operating Lease Liabilities</a></td>
<td class="nump">934<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent', window );">Deferred Compensation Liability</a></td>
<td class="nump">153<span></span>
</td>
<td class="nump">14,954<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total Non-Current Liabilities</a></td>
<td class="nump">376,451<span></span>
</td>
<td class="nump">432,790<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and Contingencies</a></td>
<td class="text"> <span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' Equity</strong></a></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common Stock, par value $0.01 per share 360,000,000 authorized, 147,230,634 and 141,969,666 issued and outstanding at December 31, 2019 and December 31, 2018, respectively.</a></td>
<td class="nump">1,472<span></span>
</td>
<td class="nump">1,420<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional Paid-in Capital</a></td>
<td class="nump">38,499<span></span>
</td>
<td class="nump">123,852<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ContributedSurplus', window );">Contributed Surplus</a></td>
<td class="nump">567,202<span></span>
</td>
<td class="nump">786,881<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated Other Comprehensive Loss</a></td>
<td class="num">(1,397)<span></span>
</td>
<td class="num">(1,319)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated Deficit</a></td>
<td class="num">(10,352)<span></span>
</td>
<td class="num">(308,803)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Shareholders' Equity</a></td>
<td class="nump">595,424<span></span>
</td>
<td class="nump">602,031<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total Liabilities and Shareholders' Equity</a></td>
<td class="nump">$ 1,030,903<span></span>
</td>
<td class="nump">$ 1,071,111<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AccruedVoyageExpensesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred through that date and payable related to the entity's voyage expenses. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_AccruedVoyageExpensesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ContributedSurplus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents a sub-category of additional Paid-in Capital. Additional Paid-in-Capital is normally attributable to capital contributed by shareholders in excess of the par or stated value of the common or preferred stock issued by an entity. The entity presents as contributed surplus, additional paid-in-capital that has been approved by resolution by its General Assembly to be available for use as capital contributions to its shareholders or other uses according to the corporate domicile laws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_ContributedSurplus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_EquitySecuritiesFVNINonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_EquitySecuritiesFVNINonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_VesselsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount at the balance sheet date of vessels used in the normal conduct of business and not intended for resale, net of accumulated depreciation on vessels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_VesselsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsAndNotesReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after allowance for credit loss, of accounts and financing receivable. Includes, but is not limited to, notes and loan receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=118952595&amp;loc=d3e4428-111522<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AccountsAndNotesReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of receivables arising from transactions with related parties due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AccountsReceivableRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=d3e637-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669686-108580<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=d3e681-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6801-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<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_us-gaap_AssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AssetsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3044-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=118942415&amp;loc=d3e14326-108349<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements payable beyond one year (or the operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquitySecuritiesFvNi">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=99377092&amp;loc=SL75136599-209740<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_EquitySecuritiesFvNi</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FIFOInventoryAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of FIFO (first in first out) inventory present at the reporting date when inventory is also valued using different valuation methods.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_FIFOInventoryAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_LiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(26))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(24))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LiabilitiesNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_LongTermDebtCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LongTermDebtCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LongTermDebtNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseLiabilityNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=77888419&amp;loc=SL77918627-209977<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OperatingLeaseLiabilityNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities classified as other, due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6904-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6911-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6787-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=68074540&amp;loc=d3e5879-108316<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PrepaidExpenseCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash restricted as to withdrawal or usage, classified as current. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=SL98516268-108586<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_RestrictedCashCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_UnbilledReceivablesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount received for services rendered and products shipped, but not yet billed, for non-contractual agreements due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_UnbilledReceivablesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="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;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6805839856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash Flows from Operating Activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
<td class="num">$ (10,352)<span></span>
</td>
<td class="num">$ (95,306)<span></span>
</td>
<td class="num">$ (204,969)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Reconciliation of Net Loss to Net Cash Provided by Operating Activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation Expense</a></td>
<td class="nump">63,965<span></span>
</td>
<td class="nump">60,695<span></span>
</td>
<td class="nump">100,669<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf', window );">Impairment Loss on Vessels</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">2,168<span></span>
</td>
<td class="nump">110,480<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairment Loss on Goodwill</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">18,979<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfAssets1', window );">Loss on Disposal of Vessels</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">6,619<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfEquityInvestments', window );">Equity Loss from Associate</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">7,667<span></span>
</td>
<td class="nump">8,435<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ChangeInFairValueOfInvestmentSecurities', window );">Change in Fair Value of Investment Securities</a></td>
<td class="nump">3,160<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DryDockExpenditures', window );">Drydock Expenditure</a></td>
<td class="num">(4,158)<span></span>
</td>
<td class="num">(5,210)<span></span>
</td>
<td class="num">(18,776)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of Deferred Finance Costs</a></td>
<td class="nump">4,291<span></span>
</td>
<td class="nump">15,350<span></span>
</td>
<td class="nump">1,393<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense', window );">Deferred Compensation Liabilities</a></td>
<td class="num">(10,970)<span></span>
</td>
<td class="num">(860)<span></span>
</td>
<td class="nump">1,303<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based Compensation</a></td>
<td class="nump">156<span></span>
</td>
<td class="nump">413<span></span>
</td>
<td class="nump">522<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashIncomeExpense', window );">Other, net</a></td>
<td class="num">(66)<span></span>
</td>
<td class="nump">21<span></span>
</td>
<td class="num">(163)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in Operating Assets and Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts Receivables</a></td>
<td class="num">(1,989)<span></span>
</td>
<td class="num">(357)<span></span>
</td>
<td class="num">(4,258)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties', window );">Accounts Receivables, Related Party</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">237<span></span>
</td>
<td class="num">(145)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventory</a></td>
<td class="num">(2,184)<span></span>
</td>
<td class="nump">2,794<span></span>
</td>
<td class="num">(2,200)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid Expenses and Other Current Assets</a></td>
<td class="num">(1,068)<span></span>
</td>
<td class="nump">1,837<span></span>
</td>
<td class="num">(904)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts Payable and Accrued Liabilities</a></td>
<td class="nump">10,122<span></span>
</td>
<td class="num">(7,112)<span></span>
</td>
<td class="nump">1,072<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInContractWithCustomerAsset', window );">Voyages in Progress</a></td>
<td class="nump">1,951<span></span>
</td>
<td class="num">(5,059)<span></span>
</td>
<td class="nump">20,303<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net Cash Provided by / (Used In) Operating Activities</a></td>
<td class="nump">52,858<span></span>
</td>
<td class="num">(16,103)<span></span>
</td>
<td class="nump">31,741<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash Flows from Investing Activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment', window );">Investment in Vessels</a></td>
<td class="num">(2,531)<span></span>
</td>
<td class="num">(4,810)<span></span>
</td>
<td class="num">(37,567)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment', window );">Investment in Other Fixed Assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(60)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment', window );">Sale of Vessels</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">89,624<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment', window );">Proceeds from Sale of Investment Securities</a></td>
<td class="nump">212<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates', window );">Investments in Associate</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(10,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DividendsReceivedFromAssociate', window );">Dividends received from Associate</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">300<span></span>
</td>
<td class="nump">1,041<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net Cash (Used In) / Provided by Investing Activities</a></td>
<td class="num">(2,319)<span></span>
</td>
<td class="nump">85,054<span></span>
</td>
<td class="num">(46,526)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash Flows from Financing Activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from Issuance of Common Stock</a></td>
<td class="nump">17,922<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">103,748<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ProceedsFromVesselFinancingNewbuildings', window );">Proceeds from Vessel Financing Newbuildings</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">12,505<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromBankDebt', window );">Proceeds from Borrowing Activities</a></td>
<td class="nump">300,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLinesOfCredit', window );">Repayments on Credit Facility</a></td>
<td class="num">(313,400)<span></span>
</td>
<td class="num">(78,242)<span></span>
</td>
<td class="num">(55,359)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_RepaymentOfVesselFinancingNewBuildings', window );">Repayment of Vessel financing 2018 Newbuildings</a></td>
<td class="num">(7,273)<span></span>
</td>
<td class="num">(2,361)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfBankDebt', window );">Repayments of Borrowing Facility</a></td>
<td class="num">(14,324)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Transaction Costs Borrowing Facilities</a></td>
<td class="num">(6,921)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(13,125)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Dividends Distributed</a></td>
<td class="num">(14,255)<span></span>
</td>
<td class="num">(9,936)<span></span>
</td>
<td class="num">(54,226)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net Cash (Used In) / Provided by Financing Activities</a></td>
<td class="num">(38,251)<span></span>
</td>
<td class="num">(78,034)<span></span>
</td>
<td class="num">(18,962)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect', window );">Net Increase / (Decrease) in Cash, Cash Equivalents, and Restricted Cash</a></td>
<td class="nump">12,288<span></span>
</td>
<td class="num">(9,083)<span></span>
</td>
<td class="num">(33,747)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash, Cash Equivalents, and Restricted Cash at Beginning of Year</a></td>
<td class="nump">49,327<span></span>
</td>
<td class="nump">58,359<span></span>
</td>
<td class="nump">92,170<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Effect of Exchange Rate Changes on Cash and Cash Equivalents</a></td>
<td class="nump">23<span></span>
</td>
<td class="nump">51<span></span>
</td>
<td class="num">(64)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash, Cash Equivalents, and Restricted Cash at End of Year</a></td>
<td class="nump">61,638<span></span>
</td>
<td class="nump">49,327<span></span>
</td>
<td class="nump">58,359<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental Disclosure of Cash Flow information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and Cash Equivalents</a></td>
<td class="nump">48,847<span></span>
</td>
<td class="nump">49,327<span></span>
</td>
<td class="nump">58,359<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">12,791<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaidNet', window );">Cash Paid for Taxes</a></td>
<td class="nump">79<span></span>
</td>
<td class="nump">83<span></span>
</td>
<td class="nump">102<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_FairValueOfSharesDistributedAsDividendInKind', window );">Fair Value of Shares Distributed as Dividend in Kind</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">4,910<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Cash Paid for Interest, Net of Amounts Capitalized</a></td>
<td class="nump">$ 35,616<span></span>
</td>
<td class="nump">$ 32,300<span></span>
</td>
<td class="nump">$ 19,476<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ChangeInFairValueOfInvestmentSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in fair value of investment securities during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_ChangeInFairValueOfInvestmentSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_nat_DividendsReceivedFromAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividends received from associates, classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_DividendsReceivedFromAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_nat_DryDockExpenditures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to expenditure incurred in vessel dry-docking.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_DryDockExpenditures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_nat_FairValueOfSharesDistributedAsDividendInKind">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of shares distributed as dividend in kind in noncash investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_FairValueOfSharesDistributedAsDividendInKind</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_nat_ProceedsFromVesselFinancingNewbuildings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from vessel financing new building, classified as financing activity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_ProceedsFromVesselFinancingNewbuildings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_nat_RepaymentOfVesselFinancingNewBuildings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow for repayment of vessel financing new building s, classified as financing activity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_RepaymentOfVesselFinancingNewBuildings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_AmortizationOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=114775744&amp;loc=d3e28555-108399<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AmortizationOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3044-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3521-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3044-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=SL98516268-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513438&amp;loc=d3e33268-110906<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The compensation expense recognized during the period pertaining to the deferred compensation arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5047-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -SubTopic 10<br> -Section 30<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6409875&amp;loc=d3e20015-108363<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) from effect of exchange rate changes on cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; held in foreign currencies. Excludes amounts for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513438&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_GainLossOnDispositionOfAssets1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of assets, including but not limited to property plant and equipment, intangible assets and equity in securities of subsidiaries or equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_GainLossOnDispositionOfAssets1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_GainLossOnSaleOfEquityInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The difference between the carrying value and the sale price of equity securities, not separately or otherwise categorized as trading or available-for-sale. This element includes investments in which the entity holds a small ownership stake (generally, less than 20% of the shares outstanding) and cannot exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_GainLossOnSaleOfEquityInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_GoodwillImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=108376223&amp;loc=d3e13854-109267<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=108376223&amp;loc=d3e13816-109267<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=99380562&amp;loc=d3e13777-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_GoodwillImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2611-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_IncomeTaxesPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4297-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncomeTaxesPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_IncreaseDecreaseInAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount due to the reporting entity for good and services provided to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management, an entity and its principal owners, management, member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_IncreaseDecreaseInContractWithCustomerAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncreaseDecreaseInContractWithCustomerAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</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_us-gaap_IncreaseDecreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncreaseDecreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in prepaid expenses, and assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_InterestPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4297-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 17<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3367-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_InterestPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_NetCashProvidedByUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<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_us-gaap_NetCashProvidedByUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_NetCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3536-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3521-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</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_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637232&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_OtherNoncashIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (expense) included in net income that results in no cash inflow (outflow), classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherNoncashIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_PaymentsOfDividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PaymentsOfDividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_PaymentsOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for loan and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PaymentsOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of or advances to an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, and joint venture or equity method investment) or the acquisition of an additional interest in a subsidiary (controlled entity).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to purchase long lived physical asset for use in the normal oil and gas operations and to purchase mineral interests in oil and gas properties not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow from the acquisition of or improvements to long-lived, physical assets used to produce goods and services and not intended for resale, classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_ProceedsFromBankDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from bank borrowing during the year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ProceedsFromBankDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow to dispose of long-lived, physical assets and mineral interests in oil and gas properties used for normal oil and gas operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3179-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the sale of securities classified as trading securities and held for investment purposes. Excludes proceeds from trading securities purchased and held principally for the purpose of selling them in the near term (thus held for only a short period of time).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_RepaymentsOfBankDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle a bank borrowing during the year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_RepaymentsOfBankDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_RepaymentsOfLinesOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3291-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_RepaymentsOfLinesOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=SL98516268-108586<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3044-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_RestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of pending claims pertaining to a loss contingency.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118942415&amp;loc=d3e14435-108349<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6784852000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DEFERRED COMPENSATION LIABILITY<br></strong></div></th>
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<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 25.5pt; vertical-align: top; font-weight: bold;">7.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">DEFERRED COMPENSATION LIABILITY</div></td></tr></table><div>&#160;</div><div style="text-align: justify;">In 2007 and 2010, the Board of Directors approved an unfunded deferred compensation agreement for the Chairman, President and CEO and the Company&#8217;s former Chief Financial Officer and Executive Vice President. The agreements provided for unfunded deferred compensation computed as a percentage of salary, and certain benefits for dependents.</div><div><br /></div><div style="text-align: justify;">The Company has entered into a final settlement agreement with the former CFO to terminate the compensation agreement with a corresponding payment made by March 31, 2020. We refer to note 11 for further information.</div><div><br /></div><div style="text-align: justify;">The agreement for the Chairman, President and CEO was amended in 2017 for the benefits to vest over a period of employment of 15 years up to a maximum of 66% of the salary level at the time of retirement, age of 72. The Company had a restricted deposit account of $10.0 million for securing the financing of this deferred compensation liability as at December 31, 2016, but the restriction was lifted in 2017, 2018 and 2019. The Company has entered into a final settlement agreement to terminate the compensation agreement with a corresponding payment made of $11.0 million.</div><div><br /></div><div style="text-align: justify;">The total expense (gain) related to the deferred compensation agreements for the Chairman, President and CEO and the Company&#8217;s former Chief Financial Officer and Executive Vice President, recognized in 2019, 2018 and 2017 were $(0.2) million, $(0.7) million and $1.0 million, respectively.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items.  Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6608562640">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>VOYAGE REVENUES<br></strong></div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerTextBlock', window );">VOYAGE REVENUES</a></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6639706208">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTEREST EXPENSES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td></tr></table><div><br /></div><div>For the years ended December 31, 2019, 2018 and 2017, $0.0 million, $2.6 million and $2.5 million of interest expenses were capitalized, respectively.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for interest income and interest expense for enterprises that derive a significant portion of their revenue from interest collected on investments, loans, and securities.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6806483712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHARE-BASED COMPENSATION PLAN (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>SHARE-BASED COMPENSATION PLAN [Abstract]</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="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock', window );">Share-based Payment Award Stock Options Valuation Assumptions</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>The Company has used the Black-Scholes option pricing model to measure the grant date fair value of the options with the following assumptions applied to the model;</div><div>&#160;</div><table border="0" cellpadding="0" cellspacing="0" style="width: 70%; color: #000000; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); width: 46%;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div>Options with two</div><div>year vesting</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div>Options with</div><div>three year vesting</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 46%; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">Volatility</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">57.5</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">52.5</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">%</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 46%; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">Dividend yield</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">10.0</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">10.0</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">%</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 46%; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">Risk-free interest rate</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">1.64</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">1.65</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">%</div></td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 46%; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">Weighted-average grant date fair value</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">0.59</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">0.58</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6608470320">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS (LOSS) PER SHARE (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>EARNINGS (LOSS) PER SHARE [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6794516256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NATURE OF BUSINESS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>NATURE OF BUSINESS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_StatusOfEachVesselTableTextBlock', window );">Current Fleet</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The Company&#8217;s current fleet consists of 23 Suezmax crude oil tankers of which the vast majority have been built in Korea.</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td style="width: 25%; vertical-align: top;"><div style="font-weight: bold;"><u>Vessel</u></div></td><td style="width: 15%; vertical-align: top;"><div style="text-align: center; font-weight: bold;"><u>Built in</u></div></td><td style="width: 20%; vertical-align: top;"><div style="text-align: center; font-weight: bold;"><u>Deadweight</u></div><div style="text-align: center; font-weight: bold;"><u> Tons</u></div></td><td style="width: 20%; vertical-align: top;"><div style="text-align: center; font-weight: bold;"><u>Delivered to NAT in</u></div><div>&#160;</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Freedom</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2005</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">159,331</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2005</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Moon</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2002</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">160,305</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2006</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Apollo</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2003</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">159,998</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2006</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Cosmos</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2003</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">159,999</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2006</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Grace</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2002</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">149,921</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2009</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Mistral</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2002</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">164,236</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2009</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Passat</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2002</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">164,274</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2010</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Vega</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2010</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">163,940</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2010</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Breeze</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2011</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">158,597</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2011</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Zenith</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2011</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">158,645</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2011</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Sprinter</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2005</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">159,089</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2014</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Skier</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2005</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">159,089</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2014</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Light</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2010</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">158,475</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2015</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Cross</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2010</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">158,475</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2015</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Luna</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2004</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">150,037</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Castor</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2004</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">150,249</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Sirius</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2000</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">150,183</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Pollux</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2003</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">150,103</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Star</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2016</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">159,000</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2016</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Space</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2017</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">159,000</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2017</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Tellus</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2018</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">157,000</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2018</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);"><div>Nordic Aquarius</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2018</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">157,000</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-align: center;">2018</div></td></tr><tr><td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);"><div>Nordic Cygnus</div></td><td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2018</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">157,000</div></td><td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2018</div></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of information regarding status of each vessel during the period.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6804744528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMITMENTS AND CONTINGENCIES<br></strong></div></th>
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<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 25.5pt; vertical-align: top; font-weight: bold;">15.</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">COMMITMENTS AND CONTINGENCIES</div></td></tr></table><div>&#160;</div><div style="color: rgb(0, 0, 0);">The Company may become a party to various legal proceedings generally incidental to its business and is subject to a variety of environmental and pollution control laws and regulations. As is the case with other companies in similar industries, the Company faces exposure from actual or potential claims and legal proceedings. Although the ultimate disposition of legal proceedings cannot be predicted with certainty, it is the opinion of the Company&#8217;s management that the outcome of any claim which might be pending or threatened, either individually or on a combined basis, will not have a materially adverse effect on the financial position of the Company, but could materially affect the Company&#8217;s results of operations in a given year.</div><div>&#160;</div><div style="color: rgb(0, 0, 0);">No material claims have been filed against the Company for the fiscal years ended December 31, 2019 and 2018.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -URI http://asc.fasb.org/topic&amp;trid=2127136<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -URI http://asc.fasb.org/topic&amp;trid=2144648<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommitmentsAndContingenciesDisclosureTextBlock</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6806501664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>VESSELS (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>Vessel</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>Vessel</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>VESSELS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsUnderOperations', window );">Number of vessels | Vessel</a></td>
<td class="nump">23<span></span>
</td>
<td class="nump">23<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentSalvageValue', window );">Residual value</a></td>
<td class="nump">$ 8,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful life</a></td>
<td class="text">25 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Vessels [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsGross', window );">Total</a></td>
<td class="nump">$ 1,369,567<span></span>
</td>
<td class="nump">$ 1,359,418<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Less Accumulated Depreciation</a></td>
<td class="num">(469,570)<span></span>
</td>
<td class="num">(405,660)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AccumulatedImpairmentLossOnVessels', window );">Less Accumulated Impairment Loss on Vessels</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsNet', window );">Vessels</a></td>
<td class="nump">899,997<span></span>
</td>
<td class="nump">953,758<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DepreciationChargesDisposed', window );">Depreciation charges disposed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">497,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf', window );">Impairment loss on vessels</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">2,168<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 110,480<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey', window );">Number of vessels the company taken through periodical maintenance survey | Vessel</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfVesselsInDrydockForPeriodicalMaintenance', window );">Number of vessels in drydock for periodical maintenance | Vessel</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_VesselsMember', window );">Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Vessels [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAdditions', window );">Additions</a></td>
<td class="nump">$ 2,531<span></span>
</td>
<td class="nump">169,446<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDisposals', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(632,326)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsGross', window );">Total</a></td>
<td class="nump">1,307,087<span></span>
</td>
<td class="nump">1,769,967<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_DrydockingMember', window );">Drydocking [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Vessels [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAdditions', window );">Additions</a></td>
<td class="nump">7,618<span></span>
</td>
<td class="nump">8,210<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDisposals', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(75,182)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsGross', window );">Total</a></td>
<td class="nump">$ 52,331<span></span>
</td>
<td class="nump">$ 119,303<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Depreciation charges of $497.0 million related to vessels disposed of in 2018 is excluded</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Impairment charges of $2.2 million and $110.5 million related to vessels disposed of in 2018 is excluded</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AccumulatedImpairmentLossOnVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The accumulated amount for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_AccumulatedImpairmentLossOnVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</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_nat_DepreciationChargesDisposed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in accumulated depreciation as a result of sale or disposal of vessel and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_DepreciationChargesDisposed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_nat_NumberOfVesselsInDrydockForPeriodicalMaintenance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels in drydock for periodical maintenance survey as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_NumberOfVesselsInDrydockForPeriodicalMaintenance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels the company has taken through periodical maintenance survey as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_NumberOfVesselsTheCompanyHasTakenThroughPeriodicalMaintenanceSurvey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_VesselsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation of vessels used in the normal conduct of business and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_VesselsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_VesselsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount at the balance sheet date of vessels used in the normal conduct of business and not intended for resale, net of accumulated depreciation on vessels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_VesselsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</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_nat_VesselsUnderOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels under the operational management at of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_VesselsUnderOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.14)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2611-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_PropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_PropertyPlantAndEquipmentAdditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of acquisition of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PropertyPlantAndEquipmentAdditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_PropertyPlantAndEquipmentDisposals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of divestiture of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PropertyPlantAndEquipmentDisposals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_PropertyPlantAndEquipmentNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PropertyPlantAndEquipmentNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_PropertyPlantAndEquipmentSalvageValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated or actual value of the asset at the end of its useful life or when it is no longer serviceable (cannot be used for its original purpose).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PropertyPlantAndEquipmentSalvageValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_VesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_VesselsMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_DrydockingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_DrydockingMember</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>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6666046016">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>OTHER NON-CURRENT ASSETS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrentDisclosureAbstract', window );"><strong>OTHER NON-CURRENT ASSETS [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Fixture, Furniture and Equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 65<span></span>
</td>
<td class="nump">$ 128<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeaseRightOfUseAsset', window );">Right of Use Asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,412<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsMiscellaneousNoncurrent', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">57<span></span>
</td>
<td class="nump">83<span></span>
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<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,534<span></span>
</td>
<td class="nump">$ 211<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">relates to certain office lease contracts. Optional periods are not included in the calculation.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseRightOfUseAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's right to use underlying asset under operating lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=77888419&amp;loc=SL77918627-209977<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OperatingLeaseRightOfUseAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsMiscellaneousNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other miscellaneous assets expected to be realized or consumed after one year or normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherAssetsMiscellaneousNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrentDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherAssetsNoncurrentDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6806396784">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Common Stock [Member]</div></th>
<th class="th"><div>Treasury Shares [Member]</div></th>
<th class="th"><div>Additional Paid-in Capital [Member]</div></th>
<th class="th"><div>Contributed Surplus [Member]</div></th>
<th class="th"><div>Accumulated Other Comprehensive Loss [Member]</div></th>
<th class="th"><div>Retained Earnings/(Accumulated Deficit) [Member]</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2016</a></td>
<td class="nump">101,969,666<span></span>
</td>
<td class="nump">13,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2016</a></td>
<td class="nump">$ 1,020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 235,050<span></span>
</td>
<td class="nump">$ 640,472<span></span>
</td>
<td class="num">$ (1,037)<span></span>
</td>
<td class="num">$ (4,456)<span></span>
</td>
<td class="nump">$ 871,049<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (decrease) in Shareholders' Equity [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(204,969)<span></span>
</td>
<td class="num">(204,969)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ReductionOfSharePremium', window );">Reduction of share premium</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(215,481)<span></span>
</td>
<td class="nump">215,481<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Common Shares Issued, net of issuance cost (in shares)</a></td>
<td class="nump">40,000,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Common Shares Issued, net of issuance cost</a></td>
<td class="nump">$ 400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">103,348<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">103,748<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other Comprehensive Loss</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(150)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(150)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross', window );">Share based compensation (in shares)</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(4,500)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Share based compensation</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">522<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">522<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod', window );">Forfeited shares - 2011 Equity Incentive Plan (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings', window );">Dividends Distributed</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(59,136)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(59,136)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2017</a></td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">22,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) (ASC 606 [Member]) at Dec. 31, 2017</a></td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">22,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2017</a></td>
<td class="nump">$ 1,420<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">123,439<span></span>
</td>
<td class="nump">796,817<span></span>
</td>
<td class="num">(1,187)<span></span>
</td>
<td class="num">(209,425)<span></span>
</td>
<td class="nump">711,064<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance (ASC 606 [Member]) at Dec. 31, 2017</a></td>
<td class="nump">1,420<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">123,439<span></span>
</td>
<td class="nump">796,817<span></span>
</td>
<td class="num">(1,187)<span></span>
</td>
<td class="num">(213,497)<span></span>
</td>
<td class="nump">706,992<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (decrease) in Shareholders' Equity [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption', window );">Effect of change in accounting policy | ASC 606 [Member]</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(4,072)<span></span>
</td>
<td class="num">(4,072)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(95,306)<span></span>
</td>
<td class="num">(95,306)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other Comprehensive Loss</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(132)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(132)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross', window );">Share based compensation (in shares)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Share based compensation</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">413<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">413<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings', window );">Dividends Distributed</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(9,936)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(9,936)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2018</a></td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">22,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2018</a></td>
<td class="nump">$ 1,420<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">123,852<span></span>
</td>
<td class="nump">786,881<span></span>
</td>
<td class="num">(1,319)<span></span>
</td>
<td class="num">(308,803)<span></span>
</td>
<td class="nump">602,031<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (decrease) in Shareholders' Equity [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(10,352)<span></span>
</td>
<td class="num">(10,352)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalOther', window );">Coverage of Accumulated Deficit</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(308,803)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">308,803<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ReductionOfSharePremium', window );">Reduction of share premium</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(103,379)<span></span>
</td>
<td class="nump">103,379<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Common Shares Issued, net of issuance cost (in shares)</a></td>
<td class="nump">5,260,968<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Common Shares Issued, net of issuance cost</a></td>
<td class="nump">$ 52<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,870<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">17,922<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other Comprehensive Loss</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(78)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(78)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross', window );">Share based compensation (in shares)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Share based compensation</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">156<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(156)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod', window );">Forfeited shares - 2011 Equity Incentive Plan (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings', window );">Dividends Distributed</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(14,255)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(14,255)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2019</a></td>
<td class="nump">147,230,634<span></span>
</td>
<td class="nump">42,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2019</a></td>
<td class="nump">$ 1,472<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 38,499<span></span>
</td>
<td class="nump">$ 567,202<span></span>
</td>
<td class="num">$ (1,396)<span></span>
</td>
<td class="num">$ (10,352)<span></span>
</td>
<td class="nump">$ 595,424<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_ReductionOfSharePremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reduction in additional paid-in capital for amounts transferred to contributed surplus.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_ReductionOfSharePremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in additional paid in capital (APIC) resulting from dividends legally declared (or paid) in excess of retained earnings balance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_AdjustmentsToAdditionalPaidInCapitalOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other increase (decrease) in additional paid in capital (APIC).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AdjustmentsToAdditionalPaidInCapitalOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) to equity or (increase) decrease to net assets, resulting from the cumulative effect adjustment of a new accounting principle applied in the period of adoption.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncreaseDecreaseInStockholdersEquityRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637232&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_OtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 55<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=118951672&amp;loc=d3e1436-108581<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669625-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</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_us-gaap_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</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_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number, before forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</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_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value, after forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5047-113901<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member</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>
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<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>50
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6801572592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Voyage Revenues</a></td>
<td class="nump">$ 317,220<span></span>
</td>
<td class="nump">$ 289,016<span></span>
</td>
<td class="nump">$ 297,141<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfGoodsAndServicesSold', window );">Voyage Expenses</a></td>
<td class="num">(141,770)<span></span>
</td>
<td class="num">(165,012)<span></span>
</td>
<td class="num">(142,465)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel Operating Expenses</a></td>
<td class="num">(66,033)<span></span>
</td>
<td class="num">(80,411)<span></span>
</td>
<td class="num">(87,663)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf', window );">Impairment Loss on Vessels</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(2,168)<span></span>
</td>
<td class="num">(110,480)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairment Loss on Goodwill</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(18,979)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfAssets1', window );">Loss on Disposal of Vessels</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(6,619)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and Administrative Expenses</a></td>
<td class="num">(13,481)<span></span>
</td>
<td class="num">(12,727)<span></span>
</td>
<td class="num">(12,575)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation Expense</a></td>
<td class="num">(63,965)<span></span>
</td>
<td class="num">(60,695)<span></span>
</td>
<td class="num">(100,669)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Net Operating Income (Loss)</a></td>
<td class="nump">31,971<span></span>
</td>
<td class="num">(38,616)<span></span>
</td>
<td class="num">(175,690)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Interest Income</a></td>
<td class="nump">298<span></span>
</td>
<td class="nump">334<span></span>
</td>
<td class="nump">347<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest Expense</a></td>
<td class="num">(38,390)<span></span>
</td>
<td class="num">(34,549)<span></span>
</td>
<td class="num">(20,464)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other Financial Expense</a></td>
<td class="num">(4,160)<span></span>
</td>
<td class="num">(14,729)<span></span>
</td>
<td class="num">(644)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Total Other Expenses</a></td>
<td class="num">(42,252)<span></span>
</td>
<td class="num">(48,944)<span></span>
</td>
<td class="num">(20,761)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Net Loss Before Income Taxes and Equity Loss</a></td>
<td class="num">(10,281)<span></span>
</td>
<td class="num">(87,560)<span></span>
</td>
<td class="num">(196,451)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income Tax Expense</a></td>
<td class="num">(71)<span></span>
</td>
<td class="num">(79)<span></span>
</td>
<td class="num">(83)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Equity Loss from Associate</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(7,667)<span></span>
</td>
<td class="num">(8,435)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
<td class="num">$ (10,352)<span></span>
</td>
<td class="num">$ (95,306)<span></span>
</td>
<td class="num">$ (204,969)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and Diluted Loss per Share (in dollars per share)</a></td>
<td class="num">$ (0.07)<span></span>
</td>
<td class="num">$ (0.67)<span></span>
</td>
<td class="num">$ (1.97)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Basic and Diluted Average Number of Common Shares Outstanding (in shares)</a></td>
<td class="nump">142,571,361<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">103,832,680<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareCashPaid', window );">Cash Dividends per Share (in dollars per share)</a></td>
<td class="nump">$ 0.10<span></span>
</td>
<td class="nump">$ 0.07<span></span>
</td>
<td class="nump">$ 0.53<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareCashPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends paid during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommonStockDividendsPerShareCashPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</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_us-gaap_CostOfGoodsAndServicesSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(a),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CostOfGoodsAndServicesSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_EarningsPerShareBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=117326831&amp;loc=d3e1337-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</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_us-gaap_GainLossOnDispositionOfAssets1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of assets, including but not limited to property plant and equipment, intangible assets and equity in securities of subsidiaries or equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_GainLossOnDispositionOfAssets1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_GoodwillImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=108376223&amp;loc=d3e13854-109267<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=108376223&amp;loc=d3e13816-109267<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=99380562&amp;loc=d3e13777-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_GoodwillImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2611-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ImpairmentOfLongLivedAssetsToBeDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68072869&amp;loc=d3e41242-110953<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637232&amp;loc=SL114874131-224263<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) for proportionate share of equity method investee's income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637232&amp;loc=SL114874131-224263<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=109237563&amp;loc=d3e33749-111570<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (h)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109238882&amp;loc=d3e38679-109324<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=114775744&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (210.5-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_InvestmentIncomeInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_InvestmentIncomeInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637232&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_NonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingCostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OperatingCostsAndExpenses</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OperatingIncomeLoss</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (expense) related to nonoperating activities, classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherNonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118956577&amp;loc=SL49130543-203045<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=118956577&amp;loc=SL49130545-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<head>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6793829584">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - USD ($)<br> $ / shares in Units, shares in Millions, $ in Millions</strong></div></th>
<th class="th"><div>Mar. 24, 2020</div></th>
<th class="th"><div>Feb. 18, 2020</div></th>
<th class="th"><div>Mar. 18, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsAbstract', window );"><strong>Dividends [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear', window );">Dividend declare date</a></td>
<td class="text">Mar. 24,  2020<span></span>
</td>
<td class="text">Feb. 18,  2020<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">Dividend declared (in dollars per share)</a></td>
<td class="nump">$ 0.14<span></span>
</td>
<td class="nump">$ 0.07<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_Dividends', window );">Dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.3<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_DividendPayableDateToBePaidDayMonthAndYear', window );">Dividend payment date</a></td>
<td class="text">Jun.  05,  2020<span></span>
</td>
<td class="text">Mar. 16,  2020<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased', window );">Share authorized to be repurchased (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.5<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareDeclared">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends declared during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CommonStockDividendsPerShareDeclared</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
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<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendPayableDateToBePaidDayMonthAndYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the declared dividend will be paid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DividendPayableDateToBePaidDayMonthAndYear</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid cash, stock, and paid-in-kind (PIK) dividends declared, for example, but not limited to, common and preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_Dividends</td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DividendsAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the dividend to be paid was declared, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DividendsPayableDateDeclaredDayMonthAndYear</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased</td>
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<td>us-gaap_</td>
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<td>xbrli:sharesItemType</td>
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<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6792458192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS (LOSS) PER SHARE (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 03, 2020</div></th>
<th class="th"><div>Mar. 29, 2019</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAbstract', window );"><strong>Numerator [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (10,352)<span></span>
</td>
<td class="num">$ (95,306)<span></span>
</td>
<td class="num">$ (204,969)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Denominator [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Basic - Weighted Average Common Shares Outstanding (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">142,571,361<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">103,832,680<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Dilutive - Weighted Average Common Shares Outstanding (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">142,571,361<span></span>
</td>
<td class="nump">141,969,666<span></span>
</td>
<td class="nump">103,832,680<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDilutedAbstract', window );"><strong>Loss per Common Share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (0.07)<span></span>
</td>
<td class="num">$ (0.67)<span></span>
</td>
<td class="num">$ (1.97)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (0.07)<span></span>
</td>
<td class="num">$ (0.67)<span></span>
</td>
<td class="num">$ (1.97)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_EarningsPerShareOtherDisclosuresAbstract', window );"><strong>Earnings Per Share, Other Disclosures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueOther', window );">Shares issued value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 40,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from issuance of common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 17,922<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 103,748<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,260,968<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_EarningsPerShareOtherDisclosuresAbstract', window );"><strong>Earnings Per Share, Other Disclosures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from issuance of common stock</a></td>
<td class="nump">$ 21,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Shares price (in dollars per share)</a></td>
<td class="nump">$ 3.47<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued (in shares)</a></td>
<td class="nump">6,173,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637232&amp;loc=SL114874131-224263<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=117326831&amp;loc=d3e1337-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=117327953&amp;loc=d3e4984-109258<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=117326831&amp;loc=d3e1252-109256<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=117326831&amp;loc=SL5780133-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637232&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetIncomeLossAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_SharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of shares of stock issued attributable to transactions classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockIssuedDuringPeriodValueOther</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=117326831&amp;loc=d3e1505-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</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>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=117326831&amp;loc=d3e1448-109256<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</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>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6798726880">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>VESSELS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>VESSELS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_VesselsNetTableTextBlock', window );">Vessels</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp; font-style: italic;">All figures in USD &#8216;000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: &amp;amp; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of net book value, accumulated depreciation, and depreciation expense of vessels that are used in the normal conduct of business and not intended for resale.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6806483712">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTEREST EXPENSES (Tables)<br></strong></div></th>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_InterestExpenseOnLongTermDebtTableTextBlock', window );">Interest Expense on Long-term Debt</a></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6665662144">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByBalanceSheetGroupingTextBlock', window );">Carrying Value of Estimated Fair Value of Financial Instruments</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2019 and 2018, are as follows:</div><div>&#160;</div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div>&#160;</div><div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; font-family: &amp;amp; font-style: italic;">All figures in USD &#8216;000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"><div style="font-weight: bold;">Fair Value</div><div style="font-weight: bold;">Hierarchy</div><div style="font-weight: bold;">Level</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; 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text-align: right; width: 9%; background-color: #FFFFFF;"><div>2</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(119,867</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(119,867</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(127,140</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6642040208">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHARE-BASED COMPENSATION PLAN<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>SHARE-BASED COMPENSATION PLAN [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock', window );">SHARE-BASED COMPENSATION PLAN</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; font-weight: bold;">9.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">SHARE-BASED COMPENSATION PLAN</div></td></tr></table><div>&#160;</div><div style="text-align: justify; font-weight: bold;">Equity Incentive Plan</div><div><br /></div><div style="text-align: justify;">In 2011, the Board of Directors decided to establish an incentive plan involving a maximum of 400,000 shares pursuant to a vesting schedule of which all shares were allocated among the management of the Company and the members of the Board of Directors. The shares are forfeited if the grantee leaves the Company before the shares are vested. The holders of the shares are entitled to voting rights as well as to receive dividends paid during the trade restriction period.</div><div>&#160;</div><div style="text-align: justify;">In December 2015, the Board of Directors amended and restated the 2011 Equity Incentive Plan to reserve an additional 137,665 shares for issuance to persons employed in the management of the Company and members of the Board of Directors under the same terms as the original plan.</div><div>&#160;</div><div style="text-align: justify;">As of December 31, 2019, a total of 92,165 common shares with a weighted average grant date fair value of $14.38 have been allocated with a remaining unrecognized cost related to unvested shares of nil. A total of 87,665 common shares vested on January 8, 2020.</div><div>&#160;</div><div style="text-align: justify;">The Company held 22,000 treasury shares as of December 31, 2018 from forfeitures and further 20,000 common shares have forfeited from employees in 2019. 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>VOYAGE REVENUES (Tables)<br></strong></div></th>
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width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;quot;">39,646</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">Total Voyage Revenues</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;quot;">317,220</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;quot;">289,016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;quot;">297,141</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr></table><div style="font-size: 8pt;">*Spot charter revenues for 2019 and 2018 are presented in accordance we ASC 606 Revenue from Contracts with Customers. 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<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>The future minimum revenues as at December 31, 2019 related to time charter revenues are as follows:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 48%;"><div style="font-family: &amp;amp; font-style: italic;">All amounts in USD &#8216;000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">Amount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;amp;">2020</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">27,932</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(255, 255, 255);"><div style="font-family: &amp;amp;">2021</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">7,317</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;amp;">2022</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;amp;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(255, 255, 255);"><div style="font-family: &amp;amp;">Future minimum revenues</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">35,249</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=118956577&amp;loc=SL49130545-203045<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6637521552">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUBSEQUENT EVENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfSubsequentEventsTextBlock', window );">SUBSEQUENT EVENTS</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 25.5pt; vertical-align: top; font-weight: bold;">17.</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">SUBSEQUENT EVENTS</div></td></tr></table><div>&#160;</div><div>On February 18, 2020, the Company declared a cash dividend of $0.07 per share in respect of the results for the fourth quarter of 2019. The dividend of $10.3 million was paid on March 16, 2020.</div><div>&#160;</div><div style="text-align: justify;">On March 18, 2020, the Company announced a share buy-back program with a scope of up to 4.5 million common shares.</div><div>&#160;</div><div style="text-align: justify;">On March 24, 2020, the Company declared a cash dividend of $0.14 cent per share in respect of the results for the first quarter of 2020. The payment date will be June 5, 2020.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or&#160;COVID-19) as a pandemic.&#160; The&#160;Company has not yet experienced any material negative impacts to its business, results of operations,&#160;or&#160;financial position&#160;as a result of&#160;COVID-19. The future financial effects to the Company, if any, of COVID-19 cannot be reasonably estimated&#160;at this time.&#160;</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 855<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6842918&amp;loc=SL6314017-165662<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6667951184">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS (LOSS) PER SHARE<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>EARNINGS (LOSS) PER SHARE [Abstract]</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="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">EARNINGS (LOSS) PER SHARE</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 25.5pt; vertical-align: top; font-weight: bold;">13.</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">EARNINGS (LOSS) PER SHARE</div></td></tr></table><div>&#160;</div><div style="text-align: justify;">Basic earnings per share (&#8220;EPS&#8221;) are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. 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font-style: italic;">Denominator:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="margin-left: 9pt;">Basic - Weighted Average Common Shares Outstanding</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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Weighted Average Common Shares Outstanding</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">142,571,361</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">141,969,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">103,832,680</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot; font-style: italic;">Loss per Common Share:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="margin-left: 9pt;">Basic</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">(0.07</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;quot;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">(0.67</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;quot;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">(1.97</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="font-family: &amp;quot;">)</div></td></tr></table><div><br /></div><div>On March 29, 2019, the Company launched an ATM program of our common shares for up to $40.0 million. 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -URI http://asc.fasb.org/topic&amp;trid=2144383<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6810457840">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>Vessel </div>
<div>Agreement </div>
<div>Segment </div>
<div>Subsidiary </div>
<div>Customer </div>
<div>Charter</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>Vessel </div>
<div>Customer </div>
<div>Charter</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Vessel </div>
<div>Customer</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract', window );"><strong>Cash, Cash Equivalents and Restricted Cash [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents', window );">Original maturities of deposits classified as cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">3 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>Vessels [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimate useful life of vessel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">25 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_MarketRatesForTheInitialPeriod', window );">Market rates for the initial period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_HistoricalAndAverageSpotMarketRate', window );">Historical and average spot market rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentSalvageValue', window );">Salvage value of the vessel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 8,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_DrydockAbstract', window );"><strong>Drydocking [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum', window );">Period when vessels are required to be drydocked, minimum</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">30 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum', window );">Period when vessels are required to be drydocked, maximum</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">60 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationLiabilityAbstract', window );"><strong>Deferred Compensation Liability [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfIndividualDeferredCompensationAgreements', window );">Number of individual deferred compensation agreements | Agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingAbstract', window );"><strong>Segment Information [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NumberOfOperatingSegments', window );">Number of segments | Segment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfTypesOfVessels', window );">Number of types of vessel | Vessel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_IncomeTaxAbstract', window );"><strong>Income Tax [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Income tax rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 71<span></span>
</td>
<td class="nump">$ 79<span></span>
</td>
<td class="nump">$ 83<span></span>
</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="top.Show.showAR( this, 'defref_nat_ConcentrationOfRiskAbstract', window );"><strong>Concentration of Risk [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNet', window );">Accounts receivable, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,600<span></span>
</td>
<td class="nump">22,100<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract', window );"><strong>Recent Accounting Pronouncements [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_OperatingLeaseRightOfUseAsset', window );">Right-of-use asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,412<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfVesselsAffected', window );">Number of vessels affected | Vessel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15<span></span>
</td>
<td class="nump">19<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(10,352)<span></span>
</td>
<td class="num">$ (308,803)<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total Current Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">129,372<span></span>
</td>
<td class="nump">112,945<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_UnbilledReceivablesCurrent', window );">Voyages in Progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13,124<span></span>
</td>
<td class="nump">15,075<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid Expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,383<span></span>
</td>
<td class="nump">3,830<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total Non-Current Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">901,531<span></span>
</td>
<td class="nump">958,166<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,030,903<span></span>
</td>
<td class="nump">1,071,111<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract', window );"><strong>EQUITY AND LIABILITIES [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Shareholders' Equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">595,424<span></span>
</td>
<td class="nump">602,031<span></span>
</td>
<td class="nump">$ 711,064<span></span>
</td>
<td class="nump">$ 871,049<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total Current Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">59,028<span></span>
</td>
<td class="nump">36,290<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AccruedVoyageExpensesCurrent', window );">Accrued Voyage Expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,524<span></span>
</td>
<td class="nump">5,063<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total Non-Current Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">376,451<span></span>
</td>
<td class="nump">432,790<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total Liabilities and Shareholders' Equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,030,903<span></span>
</td>
<td class="nump">1,071,111<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract', window );"><strong>Effect on the Condensed Consolidated Statement of Operations [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Voyage Revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">317,220<span></span>
</td>
<td class="nump">289,016<span></span>
</td>
<td class="nump">297,141<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CostOfGoodsAndServicesSold', window );">Voyage Expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(141,770)<span></span>
</td>
<td class="num">(165,012)<span></span>
</td>
<td class="num">(142,465)<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Net Operating Loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31,971<span></span>
</td>
<td class="num">(38,616)<span></span>
</td>
<td class="num">(175,690)<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(10,352)<span></span>
</td>
<td class="num">(95,306)<span></span>
</td>
<td class="num">(204,969)<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Total Comprehensive Loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(10,430)<span></span>
</td>
<td class="num">(95,438)<span></span>
</td>
<td class="num">(205,119)<span></span>
</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="top.Show.showAR( this, 'defref_nat_EffectOnCondensedCashFlowStatementAbstract', window );"><strong>Effect on the Condensed Cash Flow Statement [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(10,352)<span></span>
</td>
<td class="num">(95,306)<span></span>
</td>
<td class="num">(204,969)<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInContractWithCustomerAsset', window );">Voyages in Progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,951<span></span>
</td>
<td class="num">(5,059)<span></span>
</td>
<td class="nump">20,303<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid Expenses and Other Current Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,068)<span></span>
</td>
<td class="nump">1,837<span></span>
</td>
<td class="num">(904)<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts Payable and Accrued Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,122<span></span>
</td>
<td class="num">(7,112)<span></span>
</td>
<td class="nump">1,072<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net Cash (Used In)/Provided by Operating Activities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 52,858<span></span>
</td>
<td class="num">(16,103)<span></span>
</td>
<td class="nump">$ 31,741<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis=us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member', window );">Adjustments [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total Current Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,991<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_UnbilledReceivablesCurrent', window );">Voyages in Progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,111<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid Expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,120)<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total Non-Current Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,991<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract', window );"><strong>EQUITY AND LIABILITIES [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Shareholders' Equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,265<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total Current Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">726<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AccruedVoyageExpensesCurrent', window );">Accrued Voyage Expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">726<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total Non-Current Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total Liabilities and Shareholders' Equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,991<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract', window );"><strong>Effect on the Condensed Consolidated Statement of Operations [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Voyage Revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,819<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CostOfGoodsAndServicesSold', window );">Voyage Expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(627)<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Net Operating Loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,193<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,193<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Total Comprehensive Loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,193<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_EffectOnCondensedCashFlowStatementAbstract', window );"><strong>Effect on the Condensed Cash Flow Statement [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,193<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInContractWithCustomerAsset', window );">Voyages in Progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,819)<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid Expenses and Other Current Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">503<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts Payable and Accrued Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">124<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net Cash (Used In)/Provided by Operating Activities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis=us-gaap_CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member', window );">Amounts Before ASC 606 Adoption [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total Current Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">119,936<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_UnbilledReceivablesCurrent', window );">Voyages in Progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,186<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid Expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,710<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total Non-Current Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">958,166<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,078,102<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract', window );"><strong>EQUITY AND LIABILITIES [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Shareholders' Equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">608,296<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total Current Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37,016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AccruedVoyageExpensesCurrent', window );">Accrued Voyage Expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,789<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total Non-Current Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">432,790<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total Liabilities and Shareholders' Equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,078,102<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract', window );"><strong>Effect on the Condensed Consolidated Statement of Operations [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Voyage Revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">291,835<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CostOfGoodsAndServicesSold', window );">Voyage Expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(165,639)<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Net Operating Loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(36,423)<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(93,113)<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Total Comprehensive Loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(93,245)<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_EffectOnCondensedCashFlowStatementAbstract', window );"><strong>Effect on the Condensed Cash Flow Statement [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(93,113)<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInContractWithCustomerAsset', window );">Voyages in Progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(7,879)<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid Expenses and Other Current Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,340<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts Payable and Accrued Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,988)<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net Cash (Used In)/Provided by Operating Activities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (16,103)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_BallastTankMember', window );">Ballast Tank [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_DrydockAbstract', window );"><strong>Drydocking [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AmortizationPeriod', window );">Improvements amortized over a period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">8 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxAuthorityNameAxis=nat_NorwegianTaxAdministrationMember', window );">Norwegian Tax Administration [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_IncomeTaxAbstract', window );"><strong>Income Tax [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfWhollyOwnedSubsidiaries', window );">Number of wholly owned subsidiaries | Subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Income tax rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22.00%<span></span>
</td>
<td class="nump">23.00%<span></span>
</td>
<td class="nump">24.00%<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 71<span></span>
</td>
<td class="nump">$ 79<span></span>
</td>
<td class="nump">$ 83<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Accounts Receivable [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_ConcentrationOfRiskAbstract', window );"><strong>Concentration of Risk [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration of credit risk percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">48.00%<span></span>
</td>
<td class="nump">49.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfCharterersAccountedForOutstandingAmount', window );">Number of charterers accounted for outstanding amount | Charter</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Accounts Receivable [Member] | Customer One [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_ConcentrationOfRiskAbstract', window );"><strong>Concentration of Risk [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration of credit risk percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">19.00%<span></span>
</td>
<td class="nump">24.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Accounts Receivable [Member] | Customer Two [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_ConcentrationOfRiskAbstract', window );"><strong>Concentration of Risk [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration of credit risk percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">13.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Accounts Receivable [Member] | Customer Three [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_ConcentrationOfRiskAbstract', window );"><strong>Concentration of Risk [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration of credit risk percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14.00%<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Revenues [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_ConcentrationOfRiskAbstract', window );"><strong>Concentration of Risk [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfCustomersAccountedForSpotCharterRevenues', window );">Number of customers accounted for spot charter revenues | Customer</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration of credit risk percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13.50%<span></span>
</td>
<td class="nump">10.50%<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member', window );">ASC 606 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract', window );"><strong>Recent Accounting Pronouncements [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_OperatingLeaseRightOfUseAsset', window );">Right-of-use asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 500<span></span>
</td>
<td class="nump">$ 1,900<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiability', window );">Lease liability</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 500<span></span>
</td>
<td class="nump">1,900<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (6,300)<span></span>
</td>
<td class="num">$ (4,100)<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract', window );"><strong>EQUITY AND LIABILITIES [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Shareholders' Equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 706,992<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">relates to certain office lease contracts. Optional periods are not included in the calculation.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AccruedVoyageExpensesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred through that date and payable related to the entity's voyage expenses. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_AccruedVoyageExpensesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AmortizationPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period over which improvements are amortized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_AmortizationPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_nat_ConcentrationOfRiskAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_ConcentrationOfRiskAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_nat_DrydockAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_DrydockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_nat_EffectOnCondensedCashFlowStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_EffectOnCondensedCashFlowStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_EffectOnCondensedConsolidatedStatementOfOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_nat_HistoricalAndAverageSpotMarketRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The historical and average spot market rate used when estimating daily time charter equivalent for the remaining operating days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_HistoricalAndAverageSpotMarketRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_nat_IncomeTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_IncomeTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_nat_MarketRatesForTheInitialPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Market rates for the initial period used when estimating daily time charter equivalent for the remaining operating days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_MarketRatesForTheInitialPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_nat_NumberOfCharterersAccountedForOutstandingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the total number of charterers accounted for outstanding amount during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_NumberOfCharterersAccountedForOutstandingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</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_nat_NumberOfCustomersAccountedForSpotCharterRevenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the number of customers accounted for spot charter revenues during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_NumberOfCustomersAccountedForSpotCharterRevenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</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_nat_NumberOfIndividualDeferredCompensationAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of individual deferred compensation agreements during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_NumberOfIndividualDeferredCompensationAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</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_nat_NumberOfTypesOfVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of different types of vessels owned and operated by the Company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_NumberOfTypesOfVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfVesselsAffected">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels affected by the change in the revenue recognition standard.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_NumberOfVesselsAffected</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfWhollyOwnedSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of wholly-owned subsidiaries of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_NumberOfWhollyOwnedSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</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_nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The original maturity, in months, of deposits classified as cash and cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_OriginalMaturitiesOfDepositsClassifiedAsCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum period when the vessels are expected to be drydocked for overhaul repairs and maintenance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_PeriodWhenVesselsAreRequiredToBeDrydockedMaximum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The minimum period when the vessels are expected to be drydocked for overhaul repairs and maintenance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_PeriodWhenVesselsAreRequiredToBeDrydockedMinimum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_us-gaap_AccountsReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AccountsReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6801-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_ComprehensiveIncomeNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=d3e557-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669625-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669619-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ComprehensiveIncomeNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_ConcentrationRiskPercentage1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6351-108592<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=118260190&amp;loc=d3e13531-108611<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118260190&amp;loc=d3e13537-108611<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6404-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ConcentrationRiskPercentage1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfGoodsAndServicesSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(a),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CostOfGoodsAndServicesSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_DeferredCompensationLiabilityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DeferredCompensationLiabilityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=116825942&amp;loc=d3e330036-122817<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32687-109319<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num: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_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (h)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109238882&amp;loc=d3e38679-109324<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_IncreaseDecreaseInContractWithCustomerAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncreaseDecreaseInContractWithCustomerAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in prepaid expenses, and assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LiabilitiesAndStockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(26))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(24))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3536-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3521-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</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_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637232&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_NumberOfOperatingSegments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NumberOfOperatingSegments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</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_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_OperatingLeaseLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from operating lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=77888419&amp;loc=SL77918627-209977<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OperatingLeaseLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseRightOfUseAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's right to use underlying asset under operating lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=77888419&amp;loc=SL77918627-209977<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OperatingLeaseRightOfUseAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6787-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=68074540&amp;loc=d3e5879-108316<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PrepaidExpenseCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_PropertyPlantAndEquipmentSalvageValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated or actual value of the asset at the end of its useful life or when it is no longer serviceable (cannot be used for its original purpose).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PropertyPlantAndEquipmentSalvageValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118956577&amp;loc=SL49130543-203045<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=118956577&amp;loc=SL49130545-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_us-gaap_SegmentReportingAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_SegmentReportingAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnbilledReceivablesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount received for services rendered and products shipped, but not yet billed, for non-contractual agreements due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_UnbilledReceivablesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis=us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis=us-gaap_DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis=us-gaap_CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InitialApplicationPeriodCumulativeEffectTransitionAxis=us-gaap_CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_BallastTankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_BallastTankMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxAuthorityNameAxis=nat_NorwegianTaxAdministrationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxAuthorityNameAxis=nat_NorwegianTaxAdministrationMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=nat_CustomerOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MajorCustomersAxis=nat_CustomerOneMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=nat_CustomerTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MajorCustomersAxis=nat_CustomerTwoMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=nat_CustomerThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MajorCustomersAxis=nat_CustomerThreeMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember</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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member</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>
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</table></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6792604128">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=srt_DirectorMember', window );">Board Member [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_RelatedPartyAbstract', window );"><strong>Related Party [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Accounts payable</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesRelatedParty', window );">Costs and expenses, related party</a></td>
<td class="nump">300<span></span>
</td>
<td class="nump">400<span></span>
</td>
<td class="nump">200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionDueFromToRelatedParty', window );">Receivables from related party</a></td>
<td class="nump">300<span></span>
</td>
<td class="nump">200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=nat_HermitageOffshoreServicesLimitedMember', window );">Hermitage Offshore Services Limited [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_RelatedPartyAbstract', window );"><strong>Related Party [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod', window );">Management fee received</a></td>
<td class="nump">83<span></span>
</td>
<td class="nump">100<span></span>
</td>
<td class="nump">100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesRelatedParty', window );">Costs and expenses, related party</a></td>
<td class="nump">$ 900<span></span>
</td>
<td class="nump">$ 2,300<span></span>
</td>
<td class="nump">$ 2,300<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=nat_HermitageOffshoreServicesLimitedMember', window );">Hermitage Offshore Services Limited [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_RelatedPartyAbstract', window );"><strong>Related Party [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership interest</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_RelatedPartyAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_RelatedPartyAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of management fee received during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_RelatedPartyTransactionAmountOfManagementFeeReceivedDuringThePeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_CostsAndExpensesRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Costs of sales and operating expenses for the period incurred from transactions with related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CostsAndExpensesRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionDueFromToRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_RelatedPartyTransactionDueFromToRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=srt_DirectorMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=srt_DirectorMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=nat_HermitageOffshoreServicesLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=nat_HermitageOffshoreServicesLimitedMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</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>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6806083040">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Mar. 29, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 12, 2019 </div>
<div>USD ($) </div>
<div>Vessel</div>
</th>
<th class="th">
<div>Dec. 01, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 31, 2018 </div>
<div>Building</div>
</th>
<th class="th">
<div>Aug. 31, 2018 </div>
<div>Building</div>
</th>
<th class="th">
<div>Jul. 31, 2018 </div>
<div>Building</div>
</th>
<th class="th">
<div>Apr. 08, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>Vessel </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2012 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAbstract', window );"><strong>Line of Credit Facility [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion of long-term debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 23,537<span></span>
</td>
<td class="nump">$ 23,537<span></span>
</td>
<td class="nump">$ 18,692<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationFiscalYearMaturityAbstract', window );"><strong>Contractual Obligation [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInNextTwelveMonths', window );">2020</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26,379<span></span>
</td>
<td class="nump">26,379<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInSecondYear', window );">2021</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,265<span></span>
</td>
<td class="nump">23,265<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInThirdYear', window );">2022</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,632<span></span>
</td>
<td class="nump">23,632<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInFourthYear', window );">2023</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,016<span></span>
</td>
<td class="nump">24,016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInFifthYear', window );">2024</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">236,272<span></span>
</td>
<td class="nump">236,272<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueAfterFifthYear', window );">More than 5 years</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">78,101<span></span>
</td>
<td class="nump">78,101<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligation', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">411,665<span></span>
</td>
<td class="nump">411,665<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_LiquidityOutlookAbstract', window );"><strong>Liquidity Outlook [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses', window );">Gross amount after deducting sales commissions and other fees and expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses', window );">Net amount after deducting sales commissions and other fees and expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 17,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold', window );">Common shares issued and sold (in shares) | shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,260,968<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_LiquidityOutlookAbstract', window );"><strong>Liquidity Outlook [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AtTheMarketOfferingOfCommonStock', window );">At-the-market Offering of Common Stock</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 40,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving Credit Facility [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAbstract', window );"><strong>Line of Credit Facility [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000<span></span>
</td>
<td class="nump">$ 430,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNet', window );">Deferred financing costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,700<span></span>
</td>
<td class="nump">$ 4,600<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Drawn amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">313,400<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Repayment of debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 313,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_SecuredDebtMember', window );">Senior Secured Credit Facility [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAbstract', window );"><strong>Line of Credit Facility [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">306,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityExpirationDate1', window );">Maturity date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Feb. 28,  2024<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNet', window );">Deferred financing costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,000<span></span>
</td>
<td class="nump">$ 13,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeferredFinanceCostsNonCashPortion', window );">Deferred finance costs, non-cash portion</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Drawn amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">291,800<span></span>
</td>
<td class="nump">291,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion of long-term debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,700<span></span>
</td>
<td class="nump">18,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AmountOfExcessCashFlowPaymentRelatedToEarnings', window );">Amount of excess cash flow payment related to earnings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Repayment of debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentTerm', window );">Debt instrument term</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_LoanAmortizingMaturityPeriod', window );">Loan amortizing, maturity period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">20 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels', window );">Discretionary excess cash mechanism for the lender that equals to net earnings from collateral vessels</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DebtCovenantsMinimumValueInUnrestrictedCash', window );">Debt covenants, minimum liquidity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DebtCovenantsPercentageInLoanToVesselRatio', window );">Debt covenants percentage in loan-to-vessel ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfVesselsDelivered', window );">Number of vessels delivered | Vessel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationFiscalYearMaturityAbstract', window );"><strong>Contractual Obligation [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInNextTwelveMonths', window );">2020</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,749<span></span>
</td>
<td class="nump">$ 18,749<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInSecondYear', window );">2021</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,305<span></span>
</td>
<td class="nump">15,305<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInThirdYear', window );">2022</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,305<span></span>
</td>
<td class="nump">15,305<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInFourthYear', window );">2023</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,305<span></span>
</td>
<td class="nump">15,305<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInFifthYear', window );">2024</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">227,134<span></span>
</td>
<td class="nump">227,134<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueAfterFifthYear', window );">More than 5 years</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligation', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">291,798<span></span>
</td>
<td class="nump">291,798<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=us-gaap_SecuredDebtMember', window );">Senior Secured Credit Facility [Member] | Subsequent Event [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAbstract', window );"><strong>Line of Credit Facility [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Drawn amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 284,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Repayment of debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=nat_NewbuildFinancingMember', window );">Financing of 2018 New buildings [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAbstract', window );"><strong>Line of Credit Facility [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNet', window );">Deferred financing costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,300<span></span>
</td>
<td class="nump">2,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Drawn amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">119,900<span></span>
</td>
<td class="nump">$ 119,900<span></span>
</td>
<td class="nump">127,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfNewBuildings', window );">Number of new buildings | Building</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider', window );">Percentage of purchase price expected to pay by lending provider</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">77.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ProceedsFromVesselFinancing', window );">Proceeds from vessel financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_TermOfBareboatCharterAgreement', window );">Term of bareboat charter agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_ObligationToPurchaseVessels', window );">Obligation to purchase the vessels</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_FirstFlexibilityPeriodToPurchaseVessels', window );">First flexibility period to purchase the vessels</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_SecondFlexibilityPeriodToPurchaseVessels', window );">Second flexibility period to purchase the vessels</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">84 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DebtInstrumentMinimumValueAdjustedEquity', window );">Minimum value adjusted equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 175,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_MinimumValueAdjustedEquityRatio', window );">Minimum value adjusted equity ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DebtInstrumentMinimumLiquidityValue', window );">Minimum liquidity value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfVesselsDelivered', window );">Number of vessels delivered | Vessel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LinesOfCreditCurrent', window );">Long term debt current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,600<span></span>
</td>
<td class="nump">$ 7,600<span></span>
</td>
<td class="nump">$ 7,300<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationFiscalYearMaturityAbstract', window );"><strong>Contractual Obligation [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInNextTwelveMonths', window );">2020</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,630<span></span>
</td>
<td class="nump">7,630<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInSecondYear', window );">2021</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,960<span></span>
</td>
<td class="nump">7,960<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInThirdYear', window );">2022</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,327<span></span>
</td>
<td class="nump">8,327<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInFourthYear', window );">2023</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,711<span></span>
</td>
<td class="nump">8,711<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInFifthYear', window );">2024</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,138<span></span>
</td>
<td class="nump">9,138<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligationDueAfterFifthYear', window );">More than 5 years</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">78,101<span></span>
</td>
<td class="nump">78,101<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_ContractualObligation', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 119,867<span></span>
</td>
<td class="nump">$ 119,867<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=nat_NewbuildFinancingMember', window );">Financing of 2018 New buildings [Member] | Minimum [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAbstract', window );"><strong>Line of Credit Facility [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateDuringPeriod', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CreditFacilityAxis=nat_NewbuildFinancingMember', window );">Financing of 2018 New buildings [Member] | Maximum [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAbstract', window );"><strong>Line of Credit Facility [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateDuringPeriod', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.72%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="13"></td></tr>
<tr><td colspan="13"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refers to obligation to repay indebtness outstanding as of December 31, 2019 under the 2019 Senior Secured Credit Facility</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Refers to obligation to repay indebtness outstanding as of December 31, 2019 for financing of the 2018 Newbuildings</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AmountOfExcessCashFlowPaymentRelatedToEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents amount of excess cash flow payment related to earnings generated in fourth quarter of 2019.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_AmountOfExcessCashFlowPaymentRelatedToEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Company has launched an At-the-Market Offering program refers to gross amount after deducting sales commissions and other fees and expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_AtTheMarketOfferingGrossAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Company has launched an At-the-Market Offering program refers to net amount after deducting sales commissions and other fees and expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_AtTheMarketOfferingNetAmountAfterDeductingSalesCommissionsAndOtherFeesAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_nat_AtTheMarketOfferingOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Company has launched an At-the-Market Offering of our common stock and believes that the current cash and cash equivalents and cash expected to be generated from operations are sufficient to meet the working capital needs and other liquidity requirements for the next 12 months.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_AtTheMarketOfferingOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Company has launched an At-the-Market Offering of our common stock and number of new stock issued and sold during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_AtTheMarketOfferingStockIssuedDuringPeriodNewSharesIssuedSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</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_nat_DebtCovenantsMinimumValueInUnrestrictedCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The agreement contains covenants that requires a minimum value in unrestricted cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_DebtCovenantsMinimumValueInUnrestrictedCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_nat_DebtCovenantsPercentageInLoanToVesselRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage contains covenants that requires a maximum in loan-to-vessel value ratio.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_DebtCovenantsPercentageInLoanToVesselRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num: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_nat_DebtInstrumentMinimumLiquidityValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to amount of minimum liquidity value of debt instrument under credit agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_DebtInstrumentMinimumLiquidityValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DebtInstrumentMinimumValueAdjustedEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the minimum value of adjusted equity under the financing agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_DebtInstrumentMinimumValueAdjustedEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DeferredFinanceCostsNonCashPortion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of non cash portion, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_DeferredFinanceCostsNonCashPortion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The agreement contains a discretionary excess cash mechanism for the lender that equals to the net earnings from the collateral vessels, less capex provision and amortization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_DiscretionaryExcessCashMechanismForTheLenderThatEqualsToNetEarningsFromCollateralVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num: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_nat_FirstFlexibilityPeriodToPurchaseVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the first flexibility period to purchase the vessels as per agreement in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_FirstFlexibilityPeriodToPurchaseVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_nat_LiquidityOutlookAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_LiquidityOutlookAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_nat_LoanAmortizingMaturityPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the loan is amortizing with a maturity profile.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_LoanAmortizingMaturityPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_nat_MinimumValueAdjustedEquityRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the minimum value of adjusted equity ratio under the financing agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_MinimumValueAdjustedEquityRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_NumberOfNewBuildings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to be number of new buildings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_NumberOfNewBuildings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</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_nat_NumberOfVesselsDelivered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to number of vessels delivered to the company during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_NumberOfVesselsDelivered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</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_nat_ObligationToPurchaseVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Obligations to purchase the vessels for a consideration value each upon the completion of the period of bareboat charter agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_ObligationToPurchaseVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the percentage of purchase price expected to pay by lending provider under the terms of the financing agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_PercentageOfPurchasePriceExpectedToPayByLendingProvider</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num: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_nat_ProceedsFromVesselFinancing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from vessel financing, classified as financing activity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_ProceedsFromVesselFinancing</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_nat_SecondFlexibilityPeriodToPurchaseVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the second flexibility period to purchase the vessels as per agreement in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_SecondFlexibilityPeriodToPurchaseVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_nat_TermOfBareboatCharterAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Term of bareboat charter agreement the Company will enter into with the Lessor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_TermOfBareboatCharterAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_us-gaap_ContractualObligation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ContractualObligation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractualObligationDueAfterFifthYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of contractual obligation due after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ContractualObligationDueAfterFifthYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractualObligationDueInFifthYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of contractual obligation due in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ContractualObligationDueInFifthYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractualObligationDueInFourthYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of contractual obligation due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ContractualObligationDueInFourthYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractualObligationDueInNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of contractual obligation due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ContractualObligationDueInNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractualObligationDueInSecondYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of contractual obligation due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ContractualObligationDueInSecondYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractualObligationDueInThirdYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of contractual obligation due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ContractualObligationDueInThirdYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractualObligationFiscalYearMaturityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ContractualObligationFiscalYearMaturityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_DebtInstrumentInterestRateDuringPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average effective interest rate during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=114775744&amp;loc=d3e28551-108399<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DebtInstrumentInterestRateDuringPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num: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_us-gaap_DebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DebtInstrumentTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_us-gaap_DeferredFinanceCostsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=114775744&amp;loc=d3e28555-108399<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DeferredFinanceCostsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LineOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LineOfCreditFacilityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_LineOfCreditFacilityExpirationDate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the credit facility terminates, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LineOfCreditFacilityExpirationDate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LinesOfCreditCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LinesOfCreditCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LongTermDebtCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_RepaymentsOfLongTermDebt</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
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<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CreditFacilityAxis=us-gaap_SecuredDebtMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CreditFacilityAxis=us-gaap_SecuredDebtMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CreditFacilityAxis=nat_NewbuildFinancingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CreditFacilityAxis=nat_NewbuildFinancingMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6623395216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 25.5pt; vertical-align: top; font-weight: bold;">16.</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES</div></td></tr></table><div>&#160;</div><div style="text-align: justify;">The majority of NAT and its subsidiaries&#8217; transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company&#8217;s cash flows.</div><div>&#160;</div><div style="text-align: justify;">The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows:</div><div>&#160;</div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 72pt; vertical-align: top;">Level 1.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 72pt; vertical-align: top;">Level 2.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 72pt; vertical-align: top;">Level 3.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.</div></td></tr></table><div>&#160;</div><div style="text-align: justify;">The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets.</div><div>&#160;</div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt;"><br /></td><td style="width: 18pt; vertical-align: top;">-</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value.</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt;"><br /></td><td style="width: 18pt; vertical-align: top;">-</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates.</div></td></tr></table><div><br /></div><div style="text-align: justify;">The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2019 and 2018, are as follows:</div><div>&#160;</div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"><div>&#160;</div><div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; font-family: &amp;amp; font-style: italic;">All figures in USD &#8216;000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"><div style="font-weight: bold;">Fair Value</div><div style="font-weight: bold;">Hierarchy</div><div style="font-weight: bold;">Level</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"><div style="font-weight: bold;">2019</div><div style="font-weight: bold;">Fair</div><div style="font-weight: bold;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; text-align: center;"><div style="font-weight: bold;">2019</div><div style="font-weight: bold;">Carrying</div><div style="font-weight: bold;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; 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text-align: right; width: 9%; background-color: #FFFFFF;"><div>2</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(119,867</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(119,867</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(127,140</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(127,140</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td></tr></table><div><br /></div><div>* The 2019 Senior Secured Credit Facility and Vessel financing 2018 Newbuildings carry a floating LIBOR interest rate, plus a margin and the fair value is assumed to equal the carrying value.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6784967344">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCRUED LIABILITIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock', window );">ACCRUED LIABILITIES</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 25.5pt; vertical-align: top; font-weight: bold;">12.</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">ACCRUED LIABILITIES</div></td></tr></table><div>&#160;</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 66%;"><div style="text-align: justify; font-family: &amp;quot; font-style: italic;">All figures in USD &#8216;000</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; 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text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot; font-weight: bold;">8,960</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td></tr></table><div style="text-align: justify; text-indent: 0pt; margin-left: 20pt;"><br /></div><div style="text-align: justify;">The settlement of the deferred compensation liabilities includes the settlement with our former CFO and Executive Vice President that is payable within March 31, 2020 and payroll taxes related to this settlement and the settlement of the Executive Pension Plan with our Chairman, President &amp; CEO. We refer to note 7 for further information.</div></div><span></span>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6651604224">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock', window );">Effect on Condensed Consolidated Balance Sheet, Statement of Operations, and Cash Flow Statement</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td colspan="12" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="font-family: &amp;quot; font-weight: bold;">Effect on the Consolidated Balance sheets as of December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top;"><div style="font-family: &amp;quot; font-style: italic;">In thousands of USD</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">As reported</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; 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width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;quot; font-style: italic;">(1,120</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;quot; font-style: italic;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;quot; font-style: italic;">2,710</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; 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text-align: center;"><div style="font-weight: bold;">Adjustments</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: bottom; text-align: center;"><div style="font-weight: bold;">Amounts before ASC606</div><div style="font-weight: bold;">adoption</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">Net Loss</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">(95,306</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">2,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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width: 1%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">(2,819</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">(7,879</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">Prepaid Expenses and Other Current Assets</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">1,837</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">503</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">2,340</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">Accounts Payable and Accrued Liabilities</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">(7,112</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">124</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-family: &amp;amp;">(6,988</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">) <br /></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">Net Cash (Used In)/Provided by Operating Activities</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">(16,103</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">(16,103</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: &amp;amp;">)</div></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22499-107794<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 270<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=116846552&amp;loc=d3e765-108305<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 270<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.10-01.(b)(6))<br> -URI http://asc.fasb.org/extlink&amp;oid=27015980&amp;loc=d3e46468-122699<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 270<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=116846552&amp;loc=d3e725-108305<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6637354704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTEREST EXPENSES (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseAbstract', window );"><strong>INTEREST EXPENSES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_InterestExpensesNetOfCapitalizedInterest', window );">Interest Expenses, net of capitalized interest</a></td>
<td class="nump">$ 34,018<span></span>
</td>
<td class="nump">$ 29,753<span></span>
</td>
<td class="nump">$ 18,286<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_CommitmentFee', window );">Commitment Fee</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">3,325<span></span>
</td>
<td class="nump">760<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseDebt', window );">Amortization of Deferred Financing Costs</a></td>
<td class="nump">4,372<span></span>
</td>
<td class="nump">1,470<span></span>
</td>
<td class="nump">1,393<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseOther', window );">Other financial costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">25<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Total Interest Expenses</a></td>
<td class="nump">38,390<span></span>
</td>
<td class="nump">34,549<span></span>
</td>
<td class="nump">20,464<span></span>
</td>
</tr>
<tr class="re">
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<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 2,600<span></span>
</td>
<td class="nump">$ 2,500<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the expense against earnings during the period for commitment fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expenses for net of capitalized interest during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_InterestExpensesNetOfCapitalizedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_InterestCostsCapitalized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest capitalized during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_InterestCostsCapitalized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=114775744&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (210.5-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_InterestExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_InterestExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_InterestExpenseDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense for debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109500613&amp;loc=SL6036836-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_InterestExpenseDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_InterestExpenseOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest expense classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_InterestExpenseOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6792210144">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>VOYAGE REVENUES (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="5">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2019</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisaggregationOfRevenueAbstract', window );"><strong>Disaggregation of Revenue [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total Voyage Revenues</a></td>
<td class="nump">$ 317,220<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 289,016<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 297,141<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract', window );"><strong>Future Minimum Revenues [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_CapitalizedContractCostGross', window );">Capitalized cost</a></td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,100<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract', window );"><strong>Future Minimum Revenues [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_TermOfVoyageContracts', window );">Term of voyage contract</a></td>
<td class="text">1 year<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=nat_SpotCharterMember', window );">Spot Charter [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_DisaggregationOfRevenueAbstract', window );"><strong>Disaggregation of Revenue [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total Voyage Revenues</a></td>
<td class="nump">$ 283,007<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">259,978<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">257,495<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=nat_TimeCharterMember', window );">Time Charter [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_DisaggregationOfRevenueAbstract', window );"><strong>Disaggregation of Revenue [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total Voyage Revenues</a></td>
<td class="nump">34,213<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 29,038<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 39,646<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract', window );"><strong>Future Minimum Revenues [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths', window );">2020</a></td>
<td class="nump">27,932<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears', window );">2021</a></td>
<td class="nump">7,317<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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="top.Show.showAR( this, 'defref_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears', window );">2022</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LessorOperatingLeasePaymentsToBeReceived', window );">Future minimum revenues</a></td>
<td class="nump">$ 35,249<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Spot charter revenues for 2019 and 2018 are presented in accordance we ASC 606 Revenue from Contracts with Customers. The comparative information for 2017 has not been restated.</td>
</tr></table></td></tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_TermOfVoyageContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the term of voyage contracts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_TermOfVoyageContracts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_us-gaap_CapitalizedContractCostGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, before accumulated amortization and accumulated impairment loss, of asset recognized from cost incurred to obtain or fulfill contract with customer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 40<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=68051541&amp;loc=SL49131252-203054<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CapitalizedContractCostGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisaggregationOfRevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DisaggregationOfRevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_LessorOperatingLeasePaymentsToBeReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of lease payments to be received by lessor for operating lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 30<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=119202524&amp;loc=SL77919396-209981<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LessorOperatingLeasePaymentsToBeReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of lease payments to be received by lessor in next fiscal year following latest fiscal year for operating lease. Excludes interim and annual periods when interim periods are reported on rolling approach, from latest statement of financial position date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 30<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=119202524&amp;loc=SL77919396-209981<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of lease payments to be received by lessor in third fiscal year following latest fiscal year for operating lease. Excludes interim and annual periods when interim periods are reported on rolling approach, from latest statement of financial position date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 30<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=119202524&amp;loc=SL77919396-209981<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of lease payments to be received by lessor in second fiscal year following latest fiscal year for operating lease. Excludes interim and annual periods when interim periods are reported on rolling approach, from latest statement of financial position date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 30<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=119202524&amp;loc=SL77919396-209981<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118956577&amp;loc=SL49130543-203045<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=118956577&amp;loc=SL49130545-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</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_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ProductOrServiceAxis=nat_SpotCharterMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ProductOrServiceAxis=nat_SpotCharterMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ProductOrServiceAxis=nat_TimeCharterMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ProductOrServiceAxis=nat_TimeCharterMember</td>
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<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>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6792910400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DEFERRED COMPENSATION LIABILITY (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_PostRetirementBenefitsAbstract', window );"><strong>Post Retirement Benefits [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_DecreaseInRestrictedCash', window );">Restricted deposit account</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment', window );">Amount of final settlement agreement to terminate the compensation agreement with a corresponding payment</a></td>
<td class="nump">$ 11,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense', window );">Total expense (gain) recognized</a></td>
<td class="num">$ (10,970)<span></span>
</td>
<td class="num">$ (860)<span></span>
</td>
<td class="nump">$ 1,303<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_TitleOfIndividualAxis=srt_ChiefExecutiveOfficerMember', window );">Chairman, President and CEO [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_PostRetirementBenefitsAbstract', window );"><strong>Post Retirement Benefits [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1', window );">Required service period</a></td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary', window );">Maximum benefit as a percentage of salary</a></td>
<td class="nump">66.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeferredCompensationLiabilityRetirementAge', window );">Retirement age</a></td>
<td class="text">72 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_TitleOfIndividualAxis=nat_CEOAndCFOMember', window );">Chief Executive Officer and Chief Financial Officer [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_nat_PostRetirementBenefitsAbstract', window );"><strong>Post Retirement Benefits [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense', window );">Total expense (gain) recognized</a></td>
<td class="num">$ (200)<span></span>
</td>
<td class="num">$ (700)<span></span>
</td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of final settlement agreement to terminate the compensation agreement with a corresponding payment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_AmountOfFinalSettlementAgreementToTerminateTheCompensationAgreementWithACorrespondingPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum annual benefit as a percentage of salary at the time of retirement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_DeferredCompensationLiabilityMaximumBenefitAsPercentageOfSalary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num: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_nat_DeferredCompensationLiabilityRetirementAge">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The required retirement age of plan participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_DeferredCompensationLiabilityRetirementAge</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_nat_PostRetirementBenefitsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_PostRetirementBenefitsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_us-gaap_DecreaseInRestrictedCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DecreaseInRestrictedCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The compensation expense recognized during the period pertaining to the deferred compensation arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5047-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -SubTopic 10<br> -Section 30<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6409875&amp;loc=d3e20015-108363<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DeferredCompensationArrangementWithIndividualCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</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_us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum period the individual is required to perform services to be fully vested under the deferred compensation arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -SubTopic 10<br> -Section 55<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=6409961&amp;loc=d3e20487-108367<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</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_srt_TitleOfIndividualAxis=srt_ChiefExecutiveOfficerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_TitleOfIndividualAxis=srt_ChiefExecutiveOfficerMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_TitleOfIndividualAxis=nat_CEOAndCFOMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_TitleOfIndividualAxis=nat_CEOAndCFOMember</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>
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</div>
</body>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6792341152">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract', window );"><strong>Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_EquitySecuritiesFvNi', window );">Investment Securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 825<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember', window );">Fair Value [Member] | Level 1 [Member] | Recurring [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract', window );"><strong>Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash and Cash Equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">48,847<span></span>
</td>
<td class="nump">49,327<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_RestrictedCashFairValueDisclosure', window );">Restricted Cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,791<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquitySecuritiesFvNi', window );">Investment Securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">825<span></span>
</td>
<td class="nump">4,197<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember', window );">Fair Value [Member] | Level 2 [Member] | Recurring [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract', window );"><strong>Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LinesOfCreditFairValueDisclosure', window );">Credit Facility</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="num">(313,400)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_SeniorSecuredCreditFacilityFairValueDisclosure', window );">2019 Senior Secured Credit Facility</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(291,798)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepositsFairValueDisclosure', window );">Vessel financing 2018 Newbuildings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(119,867)<span></span>
</td>
<td class="num">(127,140)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember', window );">Carrying Value [Member] | Level 1 [Member] | Recurring [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract', window );"><strong>Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash and Cash Equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">48,847<span></span>
</td>
<td class="nump">49,327<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_RestrictedCashFairValueDisclosure', window );">Restricted Cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,791<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquitySecuritiesFvNi', window );">Investment Securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">825<span></span>
</td>
<td class="nump">4,197<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember', window );">Carrying Value [Member] | Level 2 [Member] | Recurring [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract', window );"><strong>Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_LinesOfCreditFairValueDisclosure', window );">Credit Facility</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="num">(313,400)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_SeniorSecuredCreditFacilityFairValueDisclosure', window );">2019 Senior Secured Credit Facility</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(291,798)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepositsFairValueDisclosure', window );">Vessel financing 2018 Newbuildings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">$ (119,867)<span></span>
</td>
<td class="num">$ (127,140)<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The 2019 Senior Secured Credit Facility and Vessel financing 2018 Newbuildings carry a floating LIBOR interest rate, plus a margin and the fair value is assumed to equal the carrying value.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_RestrictedCashFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of restricted cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_RestrictedCashFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_SeniorSecuredCreditFacilityFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of contractual arrangement with a lender under which borrowings can be made up to a specific amount at any point in time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_SeniorSecuredCreditFacilityFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_CashAndCashEquivalentsFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepositsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of deposit liabilities held by the entity, including, but not limited to, foreign and domestic, interest and noninterest bearing, demand deposits, saving deposits, negotiable orders of withdrawal (NOW) and time deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DepositsFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquitySecuritiesFvNi">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=99377092&amp;loc=SL75136599-209740<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_EquitySecuritiesFvNi</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_LinesOfCreditFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of contractual arrangement with a lender under which borrowings can be made up to a specific amount at any point in time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_LinesOfCreditFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember</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>73
<FILENAME>R50.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6665251152">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>ACCRUED LIABILITIES (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract', window );"><strong>ACCRUED LIABILITIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrent', window );">Accrued Interest</a></td>
<td class="nump">$ 163<span></span>
</td>
<td class="nump">$ 1,598<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesCurrent', window );">Accrued Expenses</a></td>
<td class="nump">11,569<span></span>
</td>
<td class="nump">7,362<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationLiabilityCurrent', window );">Settlement Deferred Compensation Liabilities</a></td>
<td class="nump">3,830<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Total</a></td>
<td class="nump">$ 15,562<span></span>
</td>
<td class="nump">$ 8,960<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_DeferredCompensationLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements payable within one year (or the operating cycle, if longer). Represents currently earned compensation under compensation arrangements that is not actually paid until a later date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -SubTopic 10<br> -Section 25<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=6409733&amp;loc=d3e19512-108361<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -SubTopic 10<br> -Section 30<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6409875&amp;loc=d3e20028-108363<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_DeferredCompensationLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e7018-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6935-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_InterestPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6911-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e7018-107765<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6935-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherAccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6794504944">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfStockholdersEquityAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Common Shares Issued, issuance costs</a></td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.8<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of an equity security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_PaymentsOfStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_StatementOfStockholdersEquityAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:stringItemType</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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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="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;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6801677904">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
<td class="num">$ (10,352)<span></span>
</td>
<td class="num">$ (95,306)<span></span>
</td>
<td class="num">$ (204,969)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract', window );"><strong>Other Comprehensive Loss</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax', window );">Translation Differences</a></td>
<td class="num">(498)<span></span>
</td>
<td class="num">(172)<span></span>
</td>
<td class="nump">110<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax', window );">Unrealized (Loss) Gain on Defined Benefit plan</a></td>
<td class="nump">420<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="num">(260)<span></span>
</td>
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<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other Comprehensive Loss</a></td>
<td class="num">(78)<span></span>
</td>
<td class="num">(132)<span></span>
</td>
<td class="num">(150)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Total Comprehensive (Loss)/Income</a></td>
<td class="num">$ (10,430)<span></span>
</td>
<td class="num">$ (95,438)<span></span>
</td>
<td class="num">$ (205,119)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=d3e557-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669625-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669619-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_ComprehensiveIncomeNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637232&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after tax, of gain (loss) for (increase) decrease in value of benefit obligation for change in actuarial assumptions and increase (decrease) in value of plan assets from experience different from that assumed of defined benefit plan, that has not been recognized in net periodic benefit (cost) credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (i)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669646-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=d3e637-108580<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -URI http://asc.fasb.org/extlink&amp;oid=118255775&amp;loc=d3e1928-114920<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669646-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 45<br> -Paragraph 20<br> -Subparagraph (b,c)<br> -URI http://asc.fasb.org/extlink&amp;oid=118261656&amp;loc=d3e32211-110900<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 55<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=118951672&amp;loc=d3e1436-108581<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669625-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherComprehensiveIncomeLossNetOfTax</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6805656960">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NATURE OF BUSINESS (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2019 </div>
<div>Vessel </div>
<div>t</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>NATURE OF BUSINESS [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_TotalNumberOfVessels', window );">Total number of vessels | Vessel</a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_NumberOfOperatingVessels', window );">Number of operating vessels | Vessel</a></td>
<td class="nump">23<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons', window );">Average approximate deadweight tons per vessel</a></td>
<td class="nump">156,000<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicFreedomMember', window );">Nordic Freedom [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">159,331<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicMoonMember', window );">Nordic Moon [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">160,305<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicApolloMember', window );">Nordic Apollo [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">159,998<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCosmosMember', window );">Nordic Cosmos [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">159,999<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicGraceMember', window );">Nordic Grace [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">149,921<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicMistralMember', window );">Nordic Mistral [Member]</a></td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">164,236<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicPassatMember', window );">Nordic Passat [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">164,274<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicVegaMember', window );">Nordic Vega [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">163,940<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicBreezeMember', window );">Nordic Breeze [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">158,597<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicZenithMember', window );">Nordic Zenith [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">158,645<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSprinterMember', window );">Nordic Sprinter [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">159,089<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSkierMember', window );">Nordic Skier [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">159,089<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicLightMember', window );">Nordic Light [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">158,475<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCrossMember', window );">Nordic Cross [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">158,475<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicLunaMember', window );">Nordic Luna [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">150,037<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCastorMember', window );">Nordic Castor [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">150,249<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSiriusMember', window );">Nordic Sirius [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">150,183<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicPolluxMember', window );">Nordic Pollux [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">150,103<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicStarMember', window );">Nordic Star [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">159,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSpaceMember', window );">Nordic Space [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">159,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicTellusMember', window );">Nordic Tellus [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">157,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicAquariusMember', window );">Nordic Aquarius [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">157,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCygnusMember', window );">Nordic Cygnus [Member]</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="top.Show.showAR( this, 'defref_nat_CurrentFleetAbstract', window );"><strong>Current Fleet [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_nat_DeadweightTonnage', window );">Deadweight tons</a></td>
<td class="nump">157,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to the average approximate deadweight tons per vessel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_AverageApproximateDeadweightTonsPerVesselInDeadweightTons</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_nat_CurrentFleetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_CurrentFleetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</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_nat_DeadweightTonnage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total sum of weights in metric tonnes that the vessel can carry on a defined loadline.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_DeadweightTonnage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:massItemType</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_nat_NumberOfOperatingVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of vessels in operation in entities current fleet.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_NumberOfOperatingVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</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_nat_TotalNumberOfVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total number of vessels during the period, which may include crude oil tankers and new vessels under construction to be used in the normal conduct of business and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">nat_TotalNumberOfVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>nat_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.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;">us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicFreedomMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicFreedomMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicMoonMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicMoonMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicApolloMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicApolloMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCosmosMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCosmosMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicGraceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicGraceMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicMistralMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicMistralMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicPassatMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicPassatMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicVegaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicVegaMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicBreezeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicBreezeMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicZenithMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicZenithMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSprinterMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSprinterMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSkierMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSkierMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicLightMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicLightMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCrossMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCrossMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicLunaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicLunaMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCastorMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicCastorMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSiriusMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSiriusMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicPolluxMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicPolluxMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicStarMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicStarMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSpaceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicSpaceMember</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicTellusMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=nat_NordicTellusMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6784879840">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER NON-CURRENT ASSETS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
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<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="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock', window );">Other Non-current Assets</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;quot; font-style: italic;">All figures in USD &#8216;000</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div></div><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; 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width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">57</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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Optional periods are not included in the calculation.</div></div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of noncurrent assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6794517056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCRUED LIABILITIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract', window );"><strong>ACCRUED LIABILITIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock', window );">Accrued Liabilities</a></td>
<td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 66%;"><div style="text-align: justify; font-family: &amp;quot; font-style: italic;">All figures in USD &#8216;000</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td><td colspan="2" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><div style="font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">Accrued Interest</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">163</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">1,598</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">Accrued Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">11,569</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot;">7,362</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;quot;">Settlement Deferred Compensation Liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: &amp;quot; font-weight: bold;">Total as of December 31,</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot; font-weight: bold;">15,562</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: &amp;quot; font-weight: bold;">8,960</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td></tr></table></div><span></span>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for other non-current assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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font-weight: bold;">Impairment Loss on Vessels</div><div><br /></div><div style="text-align: justify;">The Company has not recorded any impairment loss on vessels for the year ended December 31, 2019. 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Freight rates are volatile and the analysis is based on market rates obtained from third parties, in combination with historical achieved rates by the Company.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.</p></div>
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