<SEC-DOCUMENT>0000930413-11-002694.txt : 20110413
<SEC-HEADER>0000930413-11-002694.hdr.sgml : 20110413
<ACCEPTANCE-DATETIME>20110413165612
ACCESSION NUMBER:		0000930413-11-002694
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110413
DATE AS OF CHANGE:		20110413

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAFE BULKERS, INC.
		CENTRAL INDEX KEY:			0001434754
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-162381
		FILM NUMBER:		11757576

	BUSINESS ADDRESS:	
		STREET 1:		32 AVENUE KARAMANLI, P.O. BOX 70837
		STREET 2:		16605 VOULA
		CITY:			ATHENS
		STATE:			J3
		ZIP:			16605
		BUSINESS PHONE:		011-30-210-895-7070

	MAIL ADDRESS:	
		STREET 1:		32 AVENUE KARAMANLI, P.O. BOX 70837
		STREET 2:		16605 VOULA
		CITY:			ATHENS
		STATE:			J3
		ZIP:			16605
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>c65125_424b5.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML>
<HEAD>
  <META name="GENERATOR" content="3B2 Total Publishing System 9.0.225/W">
  <TITLE>3B2 EDGAR HTML -- c65125_preflight.htm</TITLE>
</HEAD>
<BODY>
<p align="right"><b><font size="2">Filed Pursuant to Rule 424(b)(5)<br>
Registration No. 333-162381</font></b></P>


<P style="margin:4.2mm 0 0; "><a name=c65125_prossup1><FONT STYLE="font-size: 4.2mm; color: #000cb2"><B><I>PROSPECTUS SUPPLEMENT</a><br>(to
Prospectus dated November 12, 2009)</I></B></FONT></P>
<P align="center" style="margin:3.5mm 0 0; "><FONT STYLE="font-size: 6.6mm; color: #000cb2"><B><I>5,000,000 Shares</I></B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><p align="center"><img src="safexbulkersxlogo.jpg" style="margin:0 0 0 0; border:   ;"></p></FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT STYLE="font-size: 8.7mm; color: #000cb2"><B><I>Safe Bulkers, Inc.<br></FONT><FONT STYLE="font-size: 5.2mm">COMMON
STOCK</I></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="#000cb2" align="center" style="width:7.50pc; height:0.50pt;;"></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; "><I>We are selling 5,000,000 shares of our common stock.</I></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="#000cb2" align="center" style="width:7.50pc; height:0.50pt;;"></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; "><I>Our common stock is listed on the New York Stock Exchange under the symbol &#147;SB.&#148; The last reported sale price of our common stock on April 11, 2011 was $9.26 per share.</I></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="#000cb2" align="center" style="width:7.50pc; height:0.50pt;;"></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-size:4.5mm; color:#000cb2; "><I>Investing in our common stock involves risk. Please read the section entitled &#147;Risk Factors&#148; beginning on page S-13 of this prospectus supplement and on page&nbsp;2 of our Annual Report on Form&nbsp;20-F filed with the Securities and Exchange
  Commission on March 4, 2011 before you make an investment in our shares.</I></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="#000cb2" align="center" style="width:7.50pc; height:0.50pt;;"></FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:9.21%;width:90.79%;" >
<TR valign="bottom">
    <TD style="width:52.32%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.38%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.54%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-size:3.1mm; color:#000cb2; "><I>
      Per Share</I></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-size:3.1mm; color:#000cb2; "><I>
      Total</I></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-size:3.8mm; color:#000cb2; "><I>Public offering price</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; "><I>
      $</I></FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; "><I>
       8.40</I></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; "><I>
      $</I></FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; "><I>
       42,000,000</I></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-size:3.8mm; color:#000cb2; "><I>Underwriting discount</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; "><I>
      $</I></FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; "><I>
       0.42</I></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; "><I>
      $</I></FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; "><I>
       2,100,000</I></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-size:3.8mm; color:#000cb2; "><I>Proceeds, before expenses, to Safe Bulkers, Inc.</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; "><I>
      $</I></FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; "><I>
       7.98</I></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; "><I>
      $</I></FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; "><I>
       39,900,000</I></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>

<P style="margin:3.5mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; "><I>We have granted the underwriters an option to purchase up to an additional 750,000 shares of our common stock.</I></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; "><I>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus are truthful or complete. Any representation to the contrary is a criminal
  offense.</I></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; "><I>The underwriters expect to deliver the shares of common stock on or about April 15, 2011.</I></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="#000cb2" align="center" style="width:7.50pc; height:0.50pt;;"></FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; "><I>Joint Book-Running Managers</I></FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:41.07%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:17.86%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:41.07%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="top">
    <TD><P><FONT STYLE="font-size: 5.6mm; color: #000cb2"><B> <I>Morgan Stanley</I></B></FONT></P></TD>
    <TD width="3"><I>&nbsp;</I></TD>
    <TD colspan="3" align="right"><P><FONT STYLE="font-size: 5.6mm; color: #000cb2"><B> <I>BofA Merrill Lynch</I></B></FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <td><P><FONT STYLE="font-size: 0.2mm"><I>&nbsp;</I></FONT></P></td>
    <TD width="3"><P><FONT STYLE="font-size: 0.2mm"><I>&nbsp;</I></FONT></P></TD>
    <TD style="border-top:solid 0.2mm #000cb2; "><P><FONT STYLE="font-size: 0.2mm"><I>&nbsp;</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm"><I>&nbsp;</I></P></TD>
    <td><P><FONT STYLE="font-size: 0.2mm"><I>&nbsp;</I></FONT></P></td>
  </TR>
  <TR valign="top">
    <TD colspan="5" align="center"><P><FONT STYLE="font-size: 4.5mm; color: #000cb2"><B> <I>Evercore Partners</I></B></FONT></P></TD>
  </TR>
</TABLE>

<P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; "><I>April 12, 2011</I></FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>TABLE OF CONTENTS</B></FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:93.23%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.13%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>
      <u style="border-bottom: 0.50pt PANTONE_288_CVC;;"><a href=#c65125_prossup1>PROSPECTUS SUPPLEMENT</a></u></B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Page</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_prospectus2>PROSPECTUS SUMMARY</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_risk2>RISK FACTORS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-13</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_statements2>FORWARD-LOOKING STATEMENTS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-13</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_use2>USE OF PROCEEDS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-15</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_capitalization2>CAPITALIZATION</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-16</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_dividend2>DIVIDEND POLICY</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-17</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_price2>PRICE RANGE OF COMMON STOCK</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-18</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_tax2>TAX CONSIDERATIONS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-19</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_other2>OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-19</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_underwriting2>UNDERWRITING</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-20</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_legal2>LEGAL MATTERS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-24</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_experts2>EXPERTS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-24</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_where2>WHERE YOU CAN FIND ADDITIONAL INFORMATION</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-24</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_incorporation2>INCORPORATION BY REFERENCE</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      S-25</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
</TABLE>



<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:95.18%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>
      <u style="border-bottom: 0.50pt PANTONE_288_CVC;;"><a href=#c65125_pros1>PROSPECTUS</a></u></B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_forward1>FORWARD-LOOKING STATEMENTS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_prospectus1>PROSPECTUS SUMMARY</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_risk1>RISK FACTORS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_service1>SERVICE OF PROCESS AND ENFORCEMENT OF LIABILITIES</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_about1>ABOUT THIS PROSPECTUS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_where1>WHERE YOU CAN FIND ADDITIONAL INFORMATION</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_incorporation1>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      5</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_ratio1>RATIO OF EARNINGS TO FIXED CHARGES</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      5</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_use1>USE OF PROCEEDS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_capitalization1>CAPITALIZATION AND INDEBTEDNESS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_description1>DESCRIPTION OF CAPITAL STOCK</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_description2>DESCRIPTION OF WARRANTS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      12</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_description3>DESCRIPTION OF SUBSCRIPTION RIGHTS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      12</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_marshall1>MARSHALL ISLANDS COMPANY CONSIDERATIONS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      14</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_principal1>PRINCIPAL STOCKHOLDERS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      18</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_plan1>PLAN OF DISTRIBUTION</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      19</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_legal1>LEGAL MATTERS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      21</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_experts1>EXPERTS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      21</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>

<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of this offering and certain other matters. The second part, the prospectus, gives more general information about securities we may offer from time to time. Generally, when we refer to the &#147;prospectus,&#148; we
  are referring to both parts of this document combined. You should read both this prospectus supplement and the accompanying prospectus, together with additional information described under the heading &#147;Where You Can Find Additional Information&#148; and &#147;Incorporation by Reference.&#148; To the extent the description of our
  securities in this prospectus supplement differs from the description of our securities in the accompanying prospectus, you should rely on the information in this prospectus supplement.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">You should rely only on the information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus. We have not, and the underwriters have not, authorized anyone to provide you with different information. The distribution of this prospectus and sale of these securities in
  certain jurisdictions may be restricted by law. Persons in possession of this prospectus supplement or the accompanying prospectus are required to inform themselves about and observe any such restrictions. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You
  should assume that the information appearing in this prospectus supplement is accurate as of the date on the front cover of this prospectus supplement only. Our business, financial condition, results of operations and prospects may have changed since that date.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">i</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_prospectus2>PROSPECTUS SUMMARY</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>This summary highlights information contained elsewhere in this prospectus supplement and the accompanying prospectus and should be read together with the information contained in other parts of this prospectus supplement, the accompanying prospectus and the documents we incorporate by reference, including
  the risk factors beginning on page S-13 of this prospectus supplement and on page 2 of our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) on March 4, 2011 (our &#147;Annual Report on Form 20-F&#148;). Unless otherwise indicated, references in this prospectus to &#147;Safe Bulkers,&#148;
  the &#147;Company,&#148; &#147;we,&#148; &#147;our,&#148; &#147;us,&#148; or similar terms when used in a historical context refer to Safe Bulkers, Inc. and/or its subsidiaries, as well as additional entities which were under common control with us prior to our initial public offering. Before making your investment decision, you should carefully read the
  prospectus and the documents referred to in &#147;Where You Can Find Additional Information&#148; and &#147;Incorporation by Reference&#148; for information about us, including our financial statements. Unless otherwise indicated, all references to currency amounts in this prospectus supplement and the accompanying prospectus are in U.S.
  dollars. Unless otherwise indicated, all data regarding our fleet and the terms of our charters is as of April 7, 2011 and references to our fleet at future dates assume there have been no acquisitions other than our 11 contracted newbuilds and no dispositions.</I></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Our Company</B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We are an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world&#146;s largest consumers of such services. As of April 7, 2011, we had a fleet of 16 drybulk vessels, with an aggregate carrying
  capacity of 1,443,800 deadweight tons, or dwt, and an average age of 4.1 years, giving us one of the world&#146;s youngest fleets of Panamax, Kamsarmax, Post-Panamax and Capesize class vessels. Our fleet is expected to grow rapidly through 2014 with our aggregate carrying capacity increasing by 76% as a result of the
  delivery of 11 contracted newbuilds, comprised of four Panamax, three Kamsarmax, two Post-Panamax, and two Capesize class vessels. Upon delivery of the last of our contracted newbuilds, our fleet will be comprised of 27 vessels, having an aggregate carrying capacity of 2,541,000 dwt.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We generally employ our vessels on both period time charters and spot charters, based on our assessment of market conditions. This balanced approach allows us to effectively manage our residual risk and help us maximize our returns on our vessels. The vessels we deploy on period time charters provide us with
  relatively stable cash flows and high utilization rates, while the vessels we deploy in the spot market allow us to take advantage of comparatively attractive spot charter rates during periods of strong charter market conditions. As of April 7, 2011, we had significant charter coverage, with our fleet, including our newbuild
  vessels, chartered for 77% of anticipated ownership days for the remainder of 2011, 59% of anticipated ownership days in 2012 and 52% of anticipated ownership days in 2013. We intend to opportunistically increase our charter coverage through the employment of the vessels in our newbuild orderbook as they are delivered
  over the next few years.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our customers are some of the world&#146;s largest consumers of marine drybulk transportation services. Since 2005 our customers have included over 30 national, regional and international companies, including Bunge, Cargill, Daiichi Chuo Kishen Kaisha, Intermare Transport G.m.b.H., Eastern Energy Pte. Ltd., NYK, NS
  United Kaiun Kaisha (formerly Shinwa Kaiun Kaisha), Kawasaki Kisen Kaisha, Ltd, Louis Dreyfus SAS, ArcelorMittal or their affiliates.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The total capital expenditure requirements for the acquisition of our 11 newbuilds, net of commissions payable to us, were $478.0 million, $169.8 million of which we have already paid as advances to yards and sellers, as of April 7, 2011. The remaining capital expenditure requirements of $308.2 million are payable
  as our vessels are built and delivered over the next four years and include $144.3 million during the remainder of 2011, $83.8 million in 2012, $34.1 million in 2013 and $46.0 million in 2014. We expect to fund our remaining capital expenditure requirements through a combination of cash and cash equivalents, borrowings
  under our committed undrawn credit facilities, borrowings of up to 80% of our $50 million investment in a floating rate note, surplus cash flow from operations, as well as possibly through raising additional indebtedness and equity. We believe that we will have the ability to raise additional indebtedness against the 11
  currently unencumbered vessels in our current fleet and newbuild orderbook, </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-1</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">providing us with financial flexibility in financing our newbuild program and the opportunity to further expand our fleet.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">As of April 7, 2011, our cash and cash equivalents and restricted cash amounted to $42.8 million. We have also invested $50 million in a floating rate note against which we may raise additional indebtedness of up to 80%. We have two committed undrawn credit facilities, the first of which is a $24.0 million facility
  for an existing unencumbered Post-Panamax class vessel, and the second of which is a $58.8 million facility for a newbuild Capesize class vessel. Our operational cash flow is supported by our contracted period time charters. Many of our vessels have long-term charters in place, including two Panamax and one Post-Panamax
  class vessels employed until 2014 and one additional Panamax and two additional Post-Panamax class vessels employed until 2015. All three of our Capesize class vessels, including two newbuilds, also have long-term time charters in place, two for ten years and one for twenty years. As of April 7, 2011, our total contracted
  net revenue through 2016 from our existing fleet and two of our newbuild vessels that already have charter contracts was $507.4 million, assuming 365 ownership days per vessel per year.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We intend to continue to opportunistically expand and renew our fleet by placing newbuilding orders when we can negotiate attractive terms from shipyards for high-quality vessels. Our strategy has been to focus on ordering fuel-efficient and shallow-drafted newbuild vessels that comply with the latest maritime and
  environmental regulations and that are based on most recent design developments, which offer us competitive operational advantages as well as lower running costs compared to second hand vessels. As a result of our track record and reputation in the industry, we believe that we have developed strong long-term relationships
  with key shipyards in Japan and China.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We successfully completed our initial public offering (the &#147;IPO&#148;) in the United States on June 3, 2008, and our common stock trades on the New York Stock Exchange under the symbol &#147;SB&#148;. We continue to be majority-owned by the Hajioannou family, which has a long history of owning and operating vessels.
  Over the past 16 years under the leadership of Polys Hajioannou, our chief executive officer, we have created a leading drybulk company, with a young fleet comprised of vessels designed to a high technical specification. Under his direction, we have also expanded the classes of drybulk vessels in our fleet, and the aggregate
  carrying capacity of our fleet has grown from 146,000 dwt in 1995 to 1,443,800 dwt currently.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We also benefit from the expertise of our affiliated management company, Safety Management Overseas S.A., which we refer to as &#147;Safety Management&#148; or &#147;our Manager,&#148; which is owned by Polys Hajioannou, and along with its predecessor, has specialized in drybulk shipping since 1965, providing services to over
  33 drybulk vessels. A number of our Manager&#146;s key management and operational personnel have been continuously employed with Safety Management and its predecessor companies for over 25 years. We believe our experience, relationships and financial strength will enable us to take advantage of any improvement in
  market conditions or future dislocations affecting our competitors.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Since our IPO, we have consistently returned capital to our stockholders by paying dividends of $0.1461 per share in August 2008, $0.475 per share in November 2008 and, since February 2009, nine consecutive quarterly dividends of $0.15 per share. Our dividend strategy is to provide our stockholders with a
  sustainable dividend while maintaining capital to invest and grow our business. We believe that our existing liquidity, charter coverage and upside market exposure will allow us to pay a sustainable dividend as we expand our fleet. The declaration and payment of dividends, if any, will always be subject to the discretion of
  our board of directors and will depend on, among other things: (i) our earnings, financial condition and cash requirements and available sources of liquidity, (ii) decisions in relation to our growth strategies, (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends, (iv) restrictive covenants in
  our existing and future debt instruments, and (v) global financial conditions. We can give no assurance that dividends will be paid in the future.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Our Fleet</B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our 16 vessel fleet is comprised of four Panamax vessels, three Kamsarmax vessels, eight Post-Panamax vessels and one Capesize class vessel, with an aggregate carrying capacity of 1,443,800 dwt and an average age of 4.1 years. Currently, all of our vessels are employed on period time charters. As of </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-2</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">April&nbsp;7, 2011, the average remaining duration of the charters for our existing fleet was 3.4 years. Our fleet is expected to increase in dwt capacity by approximately 76% by 2014 as a result of the delivery of 11 contracted newbuilds, comprised of four Panamax, three Kamsarmax, two Post-Panamax and two Capesize class
  vessels. Assuming delivery of all of our contracted newbuilds through 2014, our fleet will be comprised of 27 vessels, having an aggregate carrying capacity of 2,541,000 dwt.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The majority of vessels in our fleet have sister ships with similar specifications in our existing or newbuild fleet. We believe that using sister ships provides cost savings because it facilitates efficient inventory and crew management and allows for the substitution of sister ships if needed to fulfill our period time
  charter obligations. Additionally, the young age of our vessels significantly contributes, we believe, to cost savings in relation to operating expenses.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The table below presents additional information with respect to our drybulk vessel fleet, including our newbuilds, and its deployment as of April 7, 2011.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:18.83%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.90%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.12%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.20%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.53%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:6.41%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:11.07%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:18.19%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:5.36%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom" style="font-size:0.2mm">
    <TD align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Vessel Name</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Dwt</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Year<br>Built (1)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Country of<br>Construction</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Charter<br>Type</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Charter<br>Rate (2)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Commissions (3)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Charter<br>Period (4)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Sister<br>Ship (5)</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD colspan="8"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      <B>Current Fleet</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><B><I>
      Panamax</I></B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Maria</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      76,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2003</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $17,750</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      0.00%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Sep. 2010&#150;Apr. 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      A</FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $20,250</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      3.50%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Apr. 2011&#150;Apr. 2014</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Vassos</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      76,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2004</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $29,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1.25%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Nov. 2008&#150;Oct. 2013</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      A</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Katerina</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      76,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2004</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $20,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      3.375%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Feb. 2011&#150;Feb. 2014</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      A</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Maritsa</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      76,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2005</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time (6)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $32,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1.25%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Mar. 2010&#150;Mar. 2012</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      A</FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $28,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Mar. 2012&#150;Mar. 2013</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $24,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Mar. 2013&#150;Mar. 2015</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><B><I>
      Kamsarmax</I></B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Pedhoulas Merchant</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      82,300</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2006</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $27,250</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      4.75%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Apr. 2010&#150;Apr. 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      B</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Pedhoulas Trader</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      82,300</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2006</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time (6)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $69,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1.00%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Aug. 2008&#150;Jul. 2009</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      B</FONT></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $56,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Aug. 2009&#150;Jul. 2010</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $42,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Aug. 2010&#150;Jul. 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $20,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Aug. 2011&#150;Jul. 2013</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Pedhoulas Leader</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      82,300</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2007</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $18,750</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      4.75%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Dec. 2010&#150;May 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      B</FONT></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time (7)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $18,350</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      3.50%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Aug. 2011&#150;Aug. 2013</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><B><I>
      Post-Panamax</I></B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Stalo</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      87,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2006</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $34,160</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1.25%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Mar. 2010&#150;Feb. 2015</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      C</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Marina</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      87,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2006</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time (6)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $61,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2.50%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Dec. 2008&#150;Mar. 2009</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      C</FONT></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $57,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Apr. 2009&#150;Dec. 2009</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $52,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Dec. 2009&#150;Dec. 2010</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $42,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Dec. 2010&#150;Dec. 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $32,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Dec. 2011&#150;Oct. 2012</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $31,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Oct. 2012&#150;Dec. 2012</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $21,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Dec. 2012&#150;Dec. 2013</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Sophia</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      87,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2007</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $34,720</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1.25%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Oct. 2008&#150;Sep. 2013</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      C</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Eleni</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      87,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2008</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $34,160</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1.25%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Apr. 2010&#150;Mar. 2015</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      C</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Martine</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      87,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2009</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $40,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1.25%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Feb. 2009&#150;Feb. 2014</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      C</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Andreas K</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      92,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2009</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      South Korea</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $22,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      3.75%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Feb. 2011&#150;Nov. 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      D</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Panayiota K</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      92,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2010</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      South Korea</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $22,750</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      3.75%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Apr. 2010&#150;Apr. 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      D</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Venus Heritage</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      95,800</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2010</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $17,750</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      5.00%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Mar. 2011&#150;Jun. 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      F</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      <B><I>Capesize</I></B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><I>Kanaris</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      178,100</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2010</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      China</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $31,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      5.00%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Sep. 2010&#150;Sep. 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $25,928</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2.50%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Sep. 2011&#150;May 2031</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><B>
      Subtotal</B></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1,443,800</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-3</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:18.83%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.90%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.12%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.20%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.53%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:6.41%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:11.07%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:18.19%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:5.36%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="bottom" style="font-size:0.2mm">
    <TD align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Vessel Name</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Dwt</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Year<br>Built (1)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Country of<br>Construction</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Charter<br>Type</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Charter<br>Rate (2)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Commissions (3)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Charter<br>Period (4)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:2.8mm; color:#000cb2; "><B>
      Sister<br>Ship (5)</B></FONT></P></TD>
  </TR>

  <TR valign="bottom">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><B>
      Newbuilds</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      <B><I>Panamax</I></B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">Hull No. 1154</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      76,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2H 2013</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      China</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">Hull No. 804</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      76,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1H 2012</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">Hull No. 1659</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      76,600</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1H 2014</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      G</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">Hull No. 1660</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      76,600</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1H 2014</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      G</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><B><I>
      Kamsarmax</I></B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">Hull No. 616</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      82,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2H 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      China</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      E</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">Hull No. 617</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      82,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1H 2012</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      China</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      E</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">Hull No. 631</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      82,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2H 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      China</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      E</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><B><I>
      Post-Panamax</I></B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">Hull No. 1579</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      95,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2H 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      F</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">Hull No. 1594</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      95,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1H 2012</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      F</FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      <B><I>Capesize</I></B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">Hull No. 131</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      180,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2H 2012</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      China</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time (8)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $24,810</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1.25%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Sep. 2012&#150;Sep. 2022</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.1mm; margin:0 0 0 6.3mm; "><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">Hull No. 1074</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      176,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2H 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      China</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Time</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      $38,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1.00%</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      Jun. 2012&#150;May 2022</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; "><B>
      Subtotal</B></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      1,097,200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      <B>TOTAL</B></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.5mm; color:#000cb2; ">
      2,541,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD align="center"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="42" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
</TABLE>



<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (1)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      For newbuilds, the dates shown reflect the expected delivery dates.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Quoted charter rates are gross charter rates. Gross charter rates are inclusive of commissions. Net charter rates are charter rates after the payment of commissions.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Commissions reflect payments made to third-party brokers or our charterers, and do not include the 1.25% fee payable on gross freight, charter hire, ballast bonus and demurrage to our Manager pursuant to our vessel management agreements with our Manager.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(4)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of April 7, 2011, scheduled start dates. Actual start dates and redelivery dates may differ from the scheduled start and redelivery dates depending on the terms of the charter and market conditions.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(5)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Each vessel with the same letter is a &#147;sister ship&#148; of each other vessel that has the same letter, and under certain of our charter contracts, may be substituted with its &#147;sister ships.&#148;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(6)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Charter agreement which provides for variable charter rates.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(7)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Charter agreement which provides us with the choice of deploying either <I>Pedhoulas Merchant </I>or<I> Pedhoulas Leader.</I></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(8)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The charter agreement grants the charterer the option to extend the time charter for an additional twelve months at a time, at a gross daily charter rate of $26,330, less 1.25% total commissions, which option may be exercised by the charterer a maximum of two times. The charter agreement also grants the charterer an
      option to purchase the vessel at any time beginning at the end of the seventh year of the time charter period, at a price of $39 million less 1.00% commission, decreasing thereafter on a pro-rated basis by $1.5 million per year. Should the charterer decide to subsequently sell the vessel to a third party after exercising this
      purchase option, we have retained a right of first refusal to buy back the vessel.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">From the beginning of 1995 through April 7, 2011, we have taken delivery of 27 newbuilds. We are currently contracted to take delivery of a further 11 newbuilds. The table below presents additional information with respect to our newbuild order book, as of April 7, 2011.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-4</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<table cellspacing="0" style="margin-left:15.79%;margin-right:15.79%;width:68.42%;" >
<TR valign="bottom">
    <TD style="width:14.24%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.83%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:14.07%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.55%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom">
    <TD><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Vessel Type</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Country of<br>Construction</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Contract Price (1)<br>(in million $)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Anticipated<br>Delivery Date</B></FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="17" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>




  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Panamax</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      China</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       28.2</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2H 2013</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="17" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Panamax</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       41.6</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
        (2)</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      1H 2012</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="17" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Panamax</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       36.8</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
        (3)(4)</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      1H 2014</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="17" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Panamax</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       36.8</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
        (3)(4)</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      1H 2014</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="17" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Kamsarmax</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      China</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       32.2</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2H 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="17" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Kamsarmax</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      China</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       34.0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2H 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="17" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Kamsarmax</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      China</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       32.2</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      1H 2012</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="17" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Post-Panamax</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       56.0</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
        (4)</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2H 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="17" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Post-Panamax</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Japan</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       48.0</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
        (4)</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      1H 2012</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="17" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Capesize</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      China</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       80.0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2H 2011</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="17" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Capesize</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      China</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       53.0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2H 2012</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="17" align="center" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
</TABLE>



<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (1)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      In addition to payment of the contract prices for the newbuilds, we are required to make payments to our counterparties under such contracts for certain adjustments or modifications and to our Manager under our Management Agreement.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">This contract price consists of payments of $18.9 million and JP&#165; 1.9 billion (based on the exchange rate of 82.2 JP&#165;/USD when JP&#165; 0.95 billion was paid and on the exchange rate of 85.2 JP&#165;/USD in effect on April 7, 2011 with respect to the remaining JP&#165; 0.95 billion.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">This contract price consists of payments of $29.8 million and JP&#165; 0.6 billion (based on the exchange rate of 85.2 JP&#165;/USD in effect on April 7, 2011).</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(4)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">This contract price includes 1% commission payable to us.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Recent Developments</B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">In April 2011, we entered into shipbuilding contracts for the construction in Japan of two drybulk Panamax class vessels, which are among our 11 newbuilds. Each of these newbuild contracts provides for a purchase price of approximately $36.8 million, consisting of payments of $29.8 million and JP&#165; 0.6 billion
  (based on the exchange rate of 85.2 JP&#165;/USD in effect on April 7, 2011). These two vessels are expected to be delivered in the first half of 2014.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Our Competitive Strengths</B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We believe that we possess a number of strengths that provide us with a competitive advantage in the drybulk shipping industry, including:</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><I>Young, high-quality fleet of Panamax, Post-Panamax, Kamsarmax and Capesize class vessels. </I></B>Following the delivery of the last of our contracted newbuilds in 2014, we will own a fleet of 27 vessels aggregating 2,541,000 dwt with an average age of 5.0 years. Our fleet will be comprised of eight Panamax, six
  Kamsarmax, ten Post-Panamax and three Capesize class vessels. Our focus is on these larger classes of drybulk vessels, which are able to efficiently transport the major drybulk commodities, including coal, grain and iron ore. The young age of our fleet, we believe, minimizes our operational expenses and maximizes fleet
  utilization. We are also focused on quality vessels designed to high technical specifications which allow our vessels to lift more cargo on the same draft, compared to the industry average, which we believe provides us with a competitive advantage, as most Panamax vessels trade in draft-restricted ports. In addition, our
  vessels have lower-than-average fuel consumption and larger-than-average generators, which offer greater operational efficiency and safety than smaller generators. Our young fleet also provides us with a competitive advantage in the period time charter market, where vessel age and quality are of significant importance in
  competing for business.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><I>Significant contracted growth. </I></B>We have contracts to acquire 11 drybulk newbuilds which, upon delivery, will add an aggregate 1,097,200 dwt in capacity to our fleet, increasing the dwt capacity of our </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-5</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">current fleet by approximately 76%. We have already arranged 10-year period time charters for two of our 11 newbuilds.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><I>Long-term relationships with key industry players drive opportunities with customers and shipyards. </I></B>We have established long-term relationships with some of the largest drybulk shippers in the industry by providing reliable service and consistently meeting our customers&#146; expectations. Our policy is to charter our
  vessels primarily to charterers that use our vessels to transport drybulk commodities rather than charterers that sub-charter them to third parties. We believe our direct relationship with the actual shippers of drybulk commodities allows us to develop long-term customer relationships, which results in significant repeat business
  and gives us insight into the underlying demand for those commodities.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We have also developed long-term relationships with high quality shipyards and have ordered 38 newbuilds over the past 18 years from shipyards including the Tsuneishi, IHI, Imabari and Sasebo shipyards in Japan. With financing markets remaining difficult for some vessel owners, we expect that our relationships
  with shipyards will provide us with attractive opportunities to purchase additional newbuilds.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Our Business Strategy</B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our primary objectives are to profitably grow our business, increase the distributable cash flow per share and maximize value to our stockholders by pursuing the following strategies:</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><I>Pursue a balanced chartering strategy. </I></B>We intend to employ our drybulk vessels on a mix of period time and spot charters according to our assessment of market conditions. As of April 7, 2011, our charter coverage is 77% of our fleet&#146;s anticipated ownership days for the remainder of 2011. In 2012 and 2013, the
  percentage of our fleet&#146;s anticipated ownership days currently covered by time charter arrangements is 59% and 52%, respectively, which allows for potential upside to our revenues in the event of a strong charter market. As of April 7, 2011, our total contracted net revenue through 2016 from our existing fleet and the 11
  contracted newbuilds, two of which are already chartered, is $507.4 million.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><I>Strategically expand the size of our fleet, taking advantage of industry challenges. </I></B>We intend to grow our fleet through timely and selective investment in newbuild contracts for drybulk vessels when we believe those acquisitions will result in good returns on invested capital and increased cash flow per share. Given
  that prices for vessels have fallen since the middle of 2008, we expect to have significant opportunities to acquire newbuilds and potentially young secondhand vessels. When acquiring vessels, we prefer to invest in groups of vessels, including vessels that will be sister ships, in order to take advantage of the operational
  flexibility and economies of scale that sister ships afford us and our charterers.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><I>Continue to operate a high-quality fleet. </I></B>We intend to maintain a young, high-quality fleet by strategically replacing existing vessels with newbuilds that have the high technical specifications and advanced designs that meet the needs of our customers. We intend to preserve the quality of our vessels through a
  comprehensive maintenance and inspection program supervised by our experienced affiliated Manager.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Management of Our Fleet</B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our chief executive officer, president, chief financial officer and chief operating officer, collectively referred to in this prospectus as our &#147;executive officers,&#148; provide us with strategic management and also supervise the management of our day-to-day operations by our Manager. We have a management agreement
  pursuant to which our Manager provides us with technical, administrative, commercial and certain other services. The initial two-year term of this agreement expired on May 28, 2010, however, the agreement automatically renews each year for up to eight years. The management agreement can be terminated earlier by us upon
  notice given one month prior to the end of the then-current term. We believe our Manager has built a strong reputation in the drybulk shipping industry by providing customized, high-quality operational services in an efficient manner.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Pursuant to our management agreement, we pay our Manager a fee of $575 per day per vessel, and a fee of 1.25% on gross freight charter hire, ballast bonus and demurrage for providing commercial, technical and administrative services and a commission of 1.0% based on the contract price of any vessel bought or
  sold on our behalf, including each of our contracted newbuilds. We also pay our Manager a flat </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-6</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">supervision fee of $375,000 per newbuild, which we capitalize, for the on-premises construction supervision by selected engineers and others on the Manager&#146;s staff of our newbuilds. The management fees can be adjusted annually on May 29 of each year, the anniversary of our management agreement, by agreement between
  us and our Manager.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our Manager has agreed that, during the term of our management agreement and for a period of one year following its termination, our Manager will not provide management services to, or with respect to, any drybulk vessels other than (a) on our behalf or (b) with respect to drybulk vessels that are owned or
  operated by companies affiliated with our chief executive officer or Nicolaos Hadjioannou, our chief executive officer&#146;s brother, and drybulk vessels that are acquired, invested in or controlled by companies affiliated with our chief executive officer or Nicolaos Hadjioannou, subject in each case to compliance with, or waivers
  of, the restrictive covenant agreements between us and such companies. Our Manager has also agreed that if one of our drybulk vessels and a drybulk vessel owned or operated by a company affiliated with our chief executive officer, or a drybulk vessel that is acquired, invested in or controlled by such company, are both
  available and meet the criteria for a charter being arranged by our Manager, our drybulk vessel will be offered such charter. Historically our Manager has only rarely provided services to third parties. Currently our Manager does not provide management services to any third party vessels.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our arrangements with our Manager and its performance are reviewed by our board of directors. Our Manager reports to us and our board of directors through our executive officers.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Corporate Information</B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Safe Bulkers, Inc. was incorporated in the Republic of the Marshall Islands on December 11, 2007 under the Marshall Islands Business Corporations Act. We maintain our offices at 30-32 Avenue Karamanli, P.O. Box 70837, 16605 Voula, Athens, Greece. Our telephone number at that address is 011-30-210-899-4980.
  Our website address is <I>www.safebulkers.com</I>. The information on our website is not a part of this prospectus. Our registered address in the Marshall Islands is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The name of our registered agent at such address is The Trust Company
  of the Marshall Islands, Inc.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-7</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>The Offering</B></FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:48.68%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:48.68%;" valign="bottom"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>



  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Issuer</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD valign="bottom"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Safe Bulkers, Inc., a Marshall Islands corporation.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Shares of common stock offered</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD valign="bottom"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      5,000,000 shares.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD valign="bottom"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      5,750,000 shares, if the underwriters exercise their option to purchase additional shares in full.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Shares of common stock to be outstanding immediately after this offering</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD valign="bottom"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><br>70,883,284 shares, assuming the underwriters do not exercise their option to purchase additional shares.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Use of proceeds</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD valign="bottom"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      The net proceeds from the public offering, after deducting underwriting discounts and estimated expenses payable by us will be approximately $39.6 million. This
      amount is based on the public offering price of $8.40 and assumes no exercise of the underwriters&#146; option to purchase additional shares. We plan to use the net
      proceeds of this offering for vessel acquisitions, capital expenditures and for other general corporate purposes, including repayment of indebtedness.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Dividends</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD valign="bottom"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      We paid our first quarterly dividend as a public company of $0.1461 per share in August 2008 and subsequent quarterly dividends of $0.475 per share in
      November 2008 and $0.15 per share since February 2009. There is no guarantee that we will pay any dividends on our common stock in any quarter.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD valign="bottom"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Declaration and payment of any dividend is subject to the discretion of our board of directors. See &#147;Dividend Policy.&#148;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      NYSE listing</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD valign="bottom"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Our common stock is listed on the New York Stock Exchange under the symbol &#147;SB.&#148;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Risk factors</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD valign="bottom"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      See &#147;Risk Factors&#148; beginning on page S-13 of this prospectus supplement and beginning on page 2 of our Annual Report on Form 20-F for a discussion of
      factors you should carefully consider before deciding to invest in shares of our common stock.</FONT></P></TD>
  </TR>
</TABLE>


<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Each share of our common stock includes one right that, under certain circumstances, will entitle the holder to purchase from us a unit consisting of one-thousandth of a share of preferred stock at a purchase price of $25.00 per unit, subject to specified adjustments.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-8</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Summary Combined and Consolidated Financial and Other Data</B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The following table presents selected combined and consolidated financial and other data of the Company for each of the five years in the period ended December 31, 2010. The selected combined and consolidated financial data of the Company are a summary of, are derived from, and are qualified by reference to
  our audited combined and consolidated financial statements and notes thereto, which have been prepared in accordance with U.S. generally accepted accounting principles, or &#147;U.S. GAAP.&#148;</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our audited combined and consolidated statements of income, stockholders&#146; equity and cash flows for the years ended December 31, 2008, 2009 and 2010 and the consolidated balance sheets at December 31, 2009 and 2010, together with the notes thereto, are included in our Annual Report on Form 20-F,
  incorporated by reference herein, and should be read in their entirety.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:33.55%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.31%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.31%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.31%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.31%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.31%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD rowspan="2" align="center">
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="34" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Year Ended December 31,</B></FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2006</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2007</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2008</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2009</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2010</B></FONT></P></TD>
  </TR>

  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="34" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      (In thousands of U.S. dollars except share data)</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; "><B>STATEMENT OF INCOME</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Revenues</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       99,040</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       172,057</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       208,411</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       168,400</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       159,698</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Commissions</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (3,731</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (6,209</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (7,639</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (3,794</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (2,678</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Net revenues</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      95,309</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      165,848</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      200,772</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      164,606</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      157,020</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Voyage expenses</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (420</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (179</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (273</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (577</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (610</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Vessel operating expenses</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (13,068</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (12,429</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (17,615</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (19,628</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (23,128</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Depreciation</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (9,553</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (9,583</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (10,614</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (13,893</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (19,673</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">General and administrative expenses<br>&#151;Management fee to related party</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (1,006</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (1,177</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (4,420</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (4,436</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (4,880</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 6.6mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">&#151;Third party expenses</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (2,477</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (3,625</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (2,610</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (2,138</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Early redelivery (cost)/income</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (150</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (21,438</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (565</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      74,951</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      132</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Loss on asset purchase cancellations</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (20,699</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Gain on sale of assets</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      37,015</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      112,360</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      15,199</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Operating income</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      108,127</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      230,925</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      163,660</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      177,714</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      121,922</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Interest expense</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (6,140</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (8,225</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (16,392</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (10,342</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (6,423</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Other finance costs</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (116</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (161</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (408</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (442</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (330</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Interest income</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      775</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      1,290</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      1,492</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      2,164</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      2,627</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Loss on derivatives</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (1,963</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (704</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (19,509</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (4,416</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (8,164</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Foreign currency (loss)/gain</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (3,279</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (13,759</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (9,501</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      838</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      281</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Amortization and write-off of deferred finance charges</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (180</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (166</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (131</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (106</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      (266</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Net income</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       97,224</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       209,200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       119,211</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       165,410</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       109,647</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Earnings per share, basic and diluted</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       1.78</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       3.84</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       2.19</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       3.03</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       1.73</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Cash dividends declared per share</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       7.04</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       3.83</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       0.60</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
       0.60</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.3mm; margin:0 0 0 3.3mm; "><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">Weighted average number of shares outstanding, basic and diluted</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      54,500,000</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
        <font style="word-spacing: 0.00pc;">&nbsp;</font>(1)</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      54,500,000</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
        <font style="word-spacing: 0.00pc;">&nbsp;</font>(1)</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      54,500,889</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      54,510,587</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.6mm; color:#000cb2; ">
      63,300,466</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>

<P style="text-indent:12.7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="#000cb2" align="left" style="width:4.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (1)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Gives retroactive effect to the shares issued to Vorini Holdings Inc., a company controlled by our chief executive officer, Polys Hajioannou, and his family, in connection with our IPO.</FONT>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-9</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:42.80%;"><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.96%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.96%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.96%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.96%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD rowspan="2" align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="34" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Year Ended December 31,</B></FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2006</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2007</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2008</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2009</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2010</B></FONT></P></TD>
  </TR>

  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="34" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      (In thousands of U.S. dollars)</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>OTHER FINANCIAL DATA</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Net cash (used in)/provided by operating activities</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       (12,806</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       278,506</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       259,597</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       211,338</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       118,147</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Net cash (used in)/provided by investing activities</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (33,835</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      88,416</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (148,223</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (191,863</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (131,709</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Net cash provided by/(used in) financing activities</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      46,641</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (366,922</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (83,672</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (28,742</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      60,136</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Net increase/(decrease) in cash and cash equivalents</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      27,702</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (9,267</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      46,574</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>OTHER DATA (1)</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">EBITDA</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       112,322</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       225,884</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       144,856</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       187,587</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       133,382</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Adjusted EBITDA</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       75,457</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       134,962</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       145,421</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       133,335</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       118,051</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>



<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:45.72%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD rowspan="2" align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="34" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      As of December 31,</B></FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2006</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2007</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2008</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2009</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2010</B></FONT></P></TD>
  </TR>

  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="34" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      (In thousands of U.S. dollars)</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>BALANCE SHEET DATA</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Total current assets</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       282,021</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       98,883</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       88,086</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       105,648</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       104,276</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Total fixed assets</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      253,448</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      308,340</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      387,296</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      467,513</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      640,258</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Other non-current assets</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      314</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      434</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6,900</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      55,563</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      60,838</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Total assets</B></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      535,783</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      407,657</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      482,282</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      628,724</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      805,372</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Total current liabilities</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      172,275</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      43,984</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      70,863</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      65,551</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      52,983</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Derivative liabilities</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      242</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      21,716</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      15,510</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      9,787</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Long-term debt, net of current portion</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      134,457</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      306,267</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      413,483</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      420,994</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      467,070</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Time charter discount</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2,766</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Unearned revenue&#151;Long-term</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      11,765</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      29,450</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      31,399</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Total owners&#146;/shareholders&#146; equity/(deficit)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      229,051</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      54,398</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (35,545</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      97,219</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      244,133</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Total liabilities and owners&#146;/shareholders&#146; equity</B></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      535,783</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      407,657</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      482,282</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      628,724</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      805,372</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>



<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:51.20%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.13%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.13%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.13%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.13%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.13%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD rowspan="2" align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="34" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Year Ended December 31,</B></FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2006</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2007</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2008</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2009</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2010</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>FLEET DATA</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Number of vessels at period&#146;s end</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      11.0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      11.0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      12.0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      14.0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      16.0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Weighted average age of fleet (in years)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2.3</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2.6</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      3.3</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      3.8</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      3.8</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Ownership days (2)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4,208</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      3,914</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4,075</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4,817</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      5,326</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Available days (3)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4,208</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      3,914</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4,040</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4,795</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      5,296</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Operating days (4)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4,205</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      3,913</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4,025</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4,778</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      5,269</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Fleet utilization (5)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      99.94</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       %</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      99.98</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       %</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      98.77</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       %</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      99.19</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       %</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      98.93</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       %</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Average number of vessels in the period (6)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      11.5</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      10.7</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      11.1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      13.2</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      14.6</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>AVERAGE DAILY RESULTS</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Time charter equivalent rate (7)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       22,550</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       42,327</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       49,626</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       34,208</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       29,534</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Daily vessel operating expenses (8)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       3,106</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       3,176</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       4,323</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       4,075</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       4,342</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>

<P style="text-indent:12.7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="#000cb2" align="left" style="width:4.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (1)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      A reconciliation of net income to EBITDA and a reconciliation of EBITDA to Adjusted EBITDA are set forth below:</FONT>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-10</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<table cellspacing="0" style="margin-left:4.39%;margin-right:0.00%;width:95.61%;" >
<TR valign="bottom">
    <TD style="width:44.99%;"><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.96%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD rowspan="2" align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="34" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Year Ended December 31,</B></FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2006</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2007</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2008</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2009</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2010</B></FONT></P></TD>
  </TR>

  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="34" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      (In thousands of U.S. dollars)</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Net Income</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       97,224</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       209,200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       119,211</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       165,410</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       109,647</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Plus Net Interest Expense</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      5,365</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6,935</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      14,900</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8,178</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      3,796</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Plus Depreciation</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      9,553</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      9,583</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      10,614</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      13,893</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      19,673</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Plus Amortization</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      180</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      166</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      131</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      106</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      266</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">EBITDA</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       112,322</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       225,884</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       144,856</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       187,587</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       133,382</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Less Gain on sale of assets</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (37,015</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (112,360</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (15,199</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Plus Early redelivery cost/(income)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      150</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      21,438</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      565</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (74,951</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (132</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Plus Loss on asset cancellations</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      20,699</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>
      &#151;</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Adjusted EBITDA</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       75,457</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       134,962</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       145,421</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       133,335</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       118,051</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
</TABLE>



<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP. EBITDA represents net income before interest, income tax expense, depreciation and amortization. EBITDA assists our management and investors by increasing the comparability of our fundamental performance from period to period and
      against the fundamental performance of other companies in our industry that provide EBITDA information. We believe that EBITDA is useful in evaluating our operating performance compared to that of other companies in our industry because the calculation of EBITDA generally eliminates the effects of financings,
      income taxes and the accounting effects of capital expenditures and acquisitions, items which may vary for different companies for reasons unrelated to overall operating performance.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Adjusted EBITDA represents our EBITDA after giving effect to the removal of gain on sale of assets, early redelivery (cost)/income and loss on asset cancellations for the relevant periods. Adjusted EBITDA assists our management and investors by increasing the comparability of our fundamental performance with respect
      to our vessel operation, without including the gain on sale of assets, gains or costs we have received or incurred through early redelivery or the losses from asset cancellations during the relevant periods, which we believe allows us to better illustrate the operating results of our vessels for the periods indicated.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. EBITDA and Adjusted EBITDA should not be considered a substitute for net income prepared in accordance with U.S. GAAP or as a
      measure of profitability. While EBITDA and Adjusted EBITDA are frequently used as measures of operating results and performance, they are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Ownership days represent the aggregate number of days in a period during which each vessel in our fleet has been owned by us.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Available days represent the total number of days in a period during which each vessel in our fleet was in our possession net of off-hire days associated with scheduled maintenance, which includes major repairs, drydockings, vessel upgrades or special or intermediate surveys.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(4)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Operating days represent the number of our available days in a period less the aggregate number of days that our vessels are off-hire due to any reason, excluding scheduled maintenance.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(5)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Fleet utilization is calculated by dividing the number of our operating days during a period by the number of our ownership days during that period.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(6)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(7)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Time charter equivalent rates, or &#147;TCE&#148; rates, represent our charter revenues less commissions and voyage expenses during a period divided by the number of our available days during the period, as indicated in the table below. TCE rates assist us in making decisions regarding the deployment and use of our vessels and
      in evaluating their financial performance. See &#147;Item 5. Operating and Financial </FONT></P></TD>
  </TR>
</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-11</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">


  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Review and Prospects&#151;A. Operating Results&#148; in our Annual Report on Form 20-F, which is incorporated herein by reference.</FONT>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>



<table cellspacing="0" style="margin-left:4.39%;margin-right:0.00%;width:95.61%;" >
<TR valign="bottom">
    <TD style="width:46.82%;"><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:7.13%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD rowspan="2" align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="34" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Year Ended December 31,</B></FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2006</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2007</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2008</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2009</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2010</B></FONT></P></TD>
  </TR>

  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="34" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      (In thousands of U.S. dollars<br>except available days and time charter equivalent rate)</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Time charter revenues</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       99,040</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       172,057</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       208,411</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       168,400</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       159,698</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Less commissions</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (3,731</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (6,209</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (7,639</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (3,794</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (2,678</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Less voyage expenses</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (420</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (179</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (273</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (577</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (610</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       )</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Time charter equivalent revenue</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       94,889</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       165,669</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       200,499</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       164,029</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       156,410</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Available days</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4,208</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      3,914</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4,040</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4,795</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      5,296</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Time charter equivalent rate</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       22,550</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       42,327</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       49,626</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       34,208</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       29,534</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
</TABLE>



<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (8)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Daily vessel operating expenses include the costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance, statutory and classification expense, drydocking, intermediate and special surveys and other miscellaneous items. Daily vessel operating expenses are calculated by dividing vessel operating
      expenses by ownership days for the relevant period.</FONT>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-12</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_risk2>RISK FACTORS</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>Any investment in our common stock involves a high degree of risk. You should carefully consider the important factors set forth under the heading &#147;Risk Factors&#148; starting on page 2 of our Annual Report on Form 20-F, which was filed with the SEC on March 4, 2011 and incorporated herein by reference, before
  investing in our common stock. For further details, see the sections entitled &#147;Where You Can Find Additional Information&#148; and &#147;Incorporation by Reference.&#148; In addition to the discussions of &#147;Risk Factors&#148; incorporated by reference, you should consider the following in connection with your investment decision:</I></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><I>The earthquake and resulting tsunami and nuclear power plant crisis that struck Japan in March 2011 could reduce drybulk trade to and from Japan, affect global charter rates and adversely affect our business.</I></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">In March 2011, a severe earthquake struck northern Japan. The earthquake created a severe tsunami, the effects of which were felt in Japan and other countries along the eastern coast of Asia and across the Pacific Ocean. In addition, the earthquake and resulting tsunami have caused certain nuclear power plants
  located in Japan to fail and emit radiation which possibly could result in meltdowns that could have catastrophic effects. The full effect of these disasters, both on the Japanese and global economies and the environment, are not currently known, and may not be known for a significant period of time. These disasters will
  likely result in less drybulk trade to and from Japan, in both the short and intermediate terms, and could reduce charter rates globally both in the short and longer terms. In addition, vessels trading in the Pacific may be impacted by the possible effects of spreading radiation. Approximately 69.5% of our revenue in the year
  ended December 31, 2010 was generated under employment with Japanese charterers. As of April 7, 2011, ten charters, under which our vessels are employed, are with Japanese companies and five of our newbuilds, including one scheduled to be delivered later this year, are being built by shipyards located in Japan. These
  disasters and the resulting economic effects, both in the region and globally, could have an adverse effect on our business and results of operations.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Any of the risk factors referred to or set forth above could significantly and negatively affect our business, results of operations or financial condition, which may reduce our ability to pay dividends and lower the trading price of our common stock. The risks referred to above are not the only ones that may exist.
  Additional risks not currently known by us or that we deem immaterial may also impair our business operations. You may lose all or a part of your investment.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_statements2>FORWARD-LOOKING STATEMENTS</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">All statements in this prospectus (and in the documents and statements incorporated by referenced herein) that are not statements of historical fact are &#147;forward-looking statements&#148; within the meaning of the United States Private Securities Litigation Reform Act of 1995. The disclosure and analysis set forth in this
  prospectus includes assumptions, expectations, projections, intentions and beliefs about future events in a number of places, particularly in relation to our operations, cash flows, financial position, plans, strategies, business prospects, changes and trends in our business and the markets in which we operate. These statements are
  intended as forward-looking statements. In some cases, predictive, future-tense or forward-looking words such as &#147;believe,&#148; &#147;intend,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;project,&#148; &#147;forecast,&#148; &#147;plan,&#148; &#147;potential,&#148; &#147;may,&#148; &#147;should&#148; and &#147;expect&#148; and similar expressions are intended to identify forward-looking statements, but are not the
  exclusive means of identifying such statements. In addition, we and our representatives may from time to time make other oral or written statements which are forward-looking statements, including in our periodic reports that we file with the SEC, other information sent to our security holders and other written materials.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Forward-looking statements include, but are not limited to, such matters as:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      future operating or financial results and future revenues and expenses;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">future, pending or recent acquisitions, business strategy, areas of possible expansion and expected capital spending or operating expenses;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our contracted revenue;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">availability of key employees, crew, length and number of off-hire days, drydocking requirements and fuel and insurance costs;</FONT></P>
    <P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>
</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-13</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.00pc;font-size:0.2mm;">


  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">general market conditions and shipping industry trends, including charter rates, vessel values and factors affecting supply and demand;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our financial condition and liquidity, including our ability to make required payments under our credit facilities, comply with our loan covenants and obtain additional financing in the future to fund capital expenditures, acquisitions and other corporate activities;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the overall health and condition of the U.S. and global financial markets, including the value of the U.S. dollar relative to other currencies;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our expectations about availability of vessels to purchase, the time that it may take to construct and deliver new vessels or the useful lives of our vessels;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our continued ability to enter into period time charters with our customers and secure profitable employment for our vessels in the spot market;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our expectations relating to dividend payments and ability to make such payments;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our ability to leverage to our advantage our Manager&#146;s relationships and reputation within the drybulk shipping industry;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our anticipated general and administrative expenses;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">environmental and regulatory conditions, including changes in laws and regulations or actions taken by regulatory authorities;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">risks inherent in vessel operation, including terrorism, piracy and discharge of pollutants;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">potential liability from future litigation; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">other factors discussed in &#147;Risk Factors&#148; in this prospectus (and in the &#147;Risk Factors&#148; described in our Annual Report on Form 20-F).</FONT></P>
    <P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We caution that the forward-looking statements included in this prospectus (and in the documents and statements incorporated by reference herein) represent our estimates and assumptions only as of the date of this prospectus (and in the documents and statements incorporated by reference herein) and are not intended
  to give any assurance as to future results. Assumptions, expectations, projections, intentions and beliefs about future events may, and often do, vary from actual results and these differences can be material. The reasons for this include the risks, uncertainties and factors described under &#147;Risk Factors.&#148; As a result, the forward-
  looking events discussed in this prospectus might not occur and our actual results may differ materially from those anticipated in the forward-looking statements. Accordingly, you should not unduly rely on any forward-looking statements.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We undertake no obligation to update or revise any forward-looking statements contained in this prospectus, whether as a result of new information, future events, a change in our views or expectations or otherwise. New factors emerge from time to time, and it is not possible for us to predict all of these factors.
  Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-14</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_use2>USE OF PROCEEDS</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We estimate that the net proceeds from this offering, after deducting the underwriting discount and estimated expenses relating to this offering payable by us, will be approximately $39.6 million. This amount is based on the public offering price of $8.40 per share and assumes no exercise of the underwriters&#146; option
  to purchase additional shares. We plan to use the net proceeds of this offering for vessel acquisitions, capital expenditures and for other general corporate purposes, including repayment of indebtedness.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-15</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_capitalization2>CAPITALIZATION</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The following table sets forth, as of December 31, 2010, our capitalization:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      On an actual basis;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">On an as adjusted basis to give effect to the following transactions, which occurred between January 1, 2011 and April 8, 2011:</FONT></P>
    <P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>



<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.75pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:8pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      the repayment of loans amounting to $8.4 million;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:8pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the fourth quarter 2010 dividend of $0.15 per common share, declared on February 8, 2011, payable to shareholders of record on February 18, 2011 and paid on February 25, 2011, amounting to $9.9 million; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:8pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the issuance of 6,777 common shares to our non-executive independent directors.</FONT></P>
    <P style="text-indent:15.8mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>



<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      On an as further adjusted basis to give effect to the issuance and sale of 5,000,000 shares of our common stock in this offering at the offering price of $8.40 per share, after deducting the underwriting discount and estimated offering expenses of $2.4 million, resulting in net proceeds of approximately $39.6 million.</FONT>
    <P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Other than these adjustments, there has been no material change in our capitalization from debt or equity issuances, re-capitalizations or special dividends between December 31, 2010 and April 8, 2011.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">This table should be read in conjunction with our audited consolidated financial statements and the notes thereto incorporated by reference in this prospectus.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:61.94%;"><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.42%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.58%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD rowspan="2" align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="20" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      As of December 31, 2010</B></FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Actual</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      As Adjusted</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      As Further<br>Adjusted</B></FONT></P></TD>
  </TR>

  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="20" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      (in thousands of U.S. dollars)</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Debt:</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Current portion of long-term debt</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       27,674</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       19,297</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       19,297</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Long-term debt, net of current portion</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      467,070</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      467,070</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      467,070</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Total debt (1)(2)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       494,744</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       486,367</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       486,367</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Stockholders&#146; equity:</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Common stock</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      66</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      66</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      71</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Additional paid-in capital</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      75,166</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      75,196</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      114,841</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Retained earnings</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      168,901</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      159,019</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      159,019</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Total stockholders&#146; equity</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       244,133</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       234,281</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       273,931</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Total capitalization</B></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       738,877</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       720,648</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       760,298</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
</TABLE>


<P style="text-indent:12.7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="#000cb2" align="left" style="width:4.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (1)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      All bank debt is issued by our subsidiaries and is secured. All bank debt is guaranteed by the Company.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Total debt does not include the fair value of the derivative liabilities, which was $16.6 million as of December 31, 2010.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">As of December 31, 2010, we had 200,000,000 shares of authorized common stock, $0.001 par value, and 65,876,507, 65,883,284 and 70,883,284 issued and outstanding shares of common stock on an &#147;Actual,&#148; &#147;As Adjusted,&#148; and &#147;As Further Adjusted&#148; basis, respectively. Additionally, as of December 31, 2010, we
  had 20,000,000 shares of authorized preferred stock, $0.01 par value, none of which was issued or outstanding.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">As of April 7, 2011, we had $36.2 million in cash, which includes the effects of payments made for capital expenditures, amounting to $70.7 million, from January 1 through April 7, 2011, as well as $6.6 million in restricted cash and $50 million in a long-term floating-rate note.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-16</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_dividend2>DIVIDEND POLICY</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We paid our first quarterly dividend as a public company of $0.1461 per share in August 2008 and subsequent quarterly dividends of $0.475 per share in November 2008 and $0.15 per share since February 2009.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The Board of Directors of the Company has followed a policy of paying out a portion of our free cash flow at a level it considers prudent in light of the current economic and financial environment. The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of
  the Company. The timing and amount of any dividends declared will depend on, among other things: (i) our earnings, financial condition and cash requirements and available sources of liquidity, (ii) decisions in relation to our growth strategies, (iii) provisions of Marshall Islands and Liberian law governing the payment of
  dividends, (iv) restrictive covenants in our existing and future debt instruments and (v) global financial conditions. We can give no assurance that dividends will be paid in the future.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our ability to pay dividends may be limited by the amount of cash we can generate from operations following the payment of fees and expenses and the establishment of any reserves as well as additional factors unrelated to our profitability. We are a holding company, and we depend on the ability of our subsidiaries
  to distribute funds to us in order to satisfy our financial obligations and to make dividend payments. There is no guarantee that we will pay any dividends on our common stock in any quarter. See &#147;Item 3. Key Information&#151;D. Risk Factors&#151;Risks Inherent in Our Industry and Our Business&#148; beginning on page 2 of our Annual
  Report on Form 20-F for a discussion of the risks related to our ability to pay dividends.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-17</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_price2>PRICE RANGE OF COMMON STOCK</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our common stock is listed for trading on the New York Stock Exchange and is traded under the symbol &#147;SB&#148;. The following table sets forth, for the periods indicated, the high and low closing prices for our shares.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:83.77%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:6.03%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.93%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom" style="font-size:0.2mm">
    <TD rowspan="2" align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="13" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Price Range</B></FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      High</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Low</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Year Ended December 31,</FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">2008 (1)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       19.05</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       3.27</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">2009</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      9.40</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2.81</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">2010</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      9.11</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6.66</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">First Quarter 2009</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8.75</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2.81</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Second Quarter 2009</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      7.95</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      3.17</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Third Quarter 2009</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8.62</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6.02</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Fourth Quarter 2009</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      9.40</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6.92</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">First Quarter 2010</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      9.11</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6.97</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Second Quarter 2010</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8.26</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6.66</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Third Quarter 2010</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      7.93</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6.79</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Fourth Quarter 2010</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8.86</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      7.79</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">October 2010</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8.49</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      7.96</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">November 2010</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8.58</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      7.79</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">December 2010</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8.86</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      7.96</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">January 2011</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8.96</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8.30</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">February 2011</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      9.53</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8.58</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">March 2011</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      9.28</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8.36</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">April 2011 (through April 8, 2011)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      9.52</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      9.28</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>


<P style="text-indent:12.7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="#000cb2" align="left" style="width:4.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:16pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (1)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      For the period from May 29, 2008, the date on which our common stock began trading on the New York Stock Exchange, until the end of the period.</FONT>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-18</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_tax2>TAX CONSIDERATIONS</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">You should carefully read the discussion of the principal U.S. Federal income tax, Marshall Islands tax and Liberian tax considerations associated with our operations and the acquisition, ownership and disposition of our common stock set forth in the section of our Annual Report on Form 20-F entitled &#147;Item 10.
  Additional Information&#151;Tax Considerations&#148;.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_other2>OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We estimate the expenses in connection with the issuance and distribution of our common stock in this offering, other than the underwriting discount, will be as follows:</FONT></P>
<table cellspacing="0" style="margin-left:13.16%;margin-right:13.16%;width:73.68%;" >
<TR valign="bottom">
    <TD style="width:62.83%;"><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:8.22%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Securities and Exchange Commission Registration Fee</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       3,348</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Financial Industry Regulatory Authority Filing Fee</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      5,190</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Printing and Engraving Expenses</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      50,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Legal Fees and Expenses</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      125,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Accountants&#146; Fees and Expenses</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      30,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Transfer Agent&#146;s Fees and Expenses</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      3,500</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">New York Stock Exchange Listing Fee</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      24,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Miscellaneous Costs</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8,962</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Total</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       250,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-19</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_underwriting2>UNDERWRITING</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Under the terms and subject to the conditions in an underwriting agreement dated the date of this prospectus supplement, the underwriters named below, for whom Morgan Stanley &amp; Co. Incorporated and Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated are acting as joint book-running managers and as representatives,
  have severally agreed to purchase, and we have agreed to sell to them, the number of shares of our common stock indicated below:</FONT></P>
<table cellspacing="0" style="margin-left:13.16%;margin-right:13.16%;width:73.68%;" >
<TR valign="bottom">
    <TD style="width:56.93%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:14.12%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Name</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Number of Shares</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Morgan Stanley &amp; Co. Incorporated</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2,500,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Merrill Lynch, Pierce, Fenner &amp; Smith<br><font style="word-spacing: 3.25pc;">&nbsp;</font>Incorporated</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      1,750,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Evercore Group L.L.C.</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      750,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "> <font style="word-spacing: 4.08pc;">&nbsp;</font>Total</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      5,000,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double #000cb2; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
</TABLE>

<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The underwriters and the representatives are collectively referred to as the &#147;underwriters&#148; and the &#147;representatives,&#148; respectively. The underwriting agreement provides that the obligations of the several underwriters to pay for and accept delivery of the shares of our common stock offered by this prospectus are subject
  to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the shares of our common stock offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the shares covered by the
  underwriters&#146; option to purchase additional shares described below.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The underwriters initially propose to offer part of the shares of our common stock directly to the public at the offering price listed on the cover page of this prospectus and part to certain dealers. After the initial offering of the shares of our common stock, the offering price and other selling terms may from time to
  time be varied by the representatives.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus supplement, to purchase up to 750,000 additional shares of our common stock at the public offering price listed on the cover page of this prospectus, less underwriting discounts. To the extent the option is
  exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional shares of our common stock as the number listed next to the underwriter&#146;s name in the preceding table bears to the total number of shares of our common stock listed next to the names of
  all underwriters in the preceding table.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The following table shows the underwriting discounts that we are to pay to the underwriters in connection with this offering. These amounts are shown assuming both no exercise and full exercise of the underwriters&#146; option to purchase up to an additional 750,000 shares of our common stock.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:74.79%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.87%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.08%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      No Exercise</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Full Exercise</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Per Share</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       0.42</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       0.42</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Total</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       2,100,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       2,415,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>

<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The estimated offering expenses payable by us, exclusive of the underwriting discounts, are approximately $250,000.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our common stock is listed on the New York Stock Exchange under the trading symbol &#147;SB.&#148;</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We, our officers and directors and Vorini Holdings Inc. have agreed not to sell or transfer any shares of our common stock or securities convertible into, exchangeable for, exercisable for or repayable with common stock, for 90 days after the date of this prospectus supplement without first obtaining the written
  consent of Morgan Stanley &amp; Co. Incorporated and Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated. Specifically, we, our officers, our directors and Vorini Holdings Inc. have agreed, with certain limited exceptions, not to directly or indirectly:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      offer, pledge, sell or contract to sell any shares of common stock;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">sell any option or contract to purchase any shares of common stock;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">purchase any option or contract to sell any shares of common stock;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">grant any option, right or warrant for the sale of any shares of common stock;</FONT></P>
    <P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>
</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-20</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.00pc;font-size:0.2mm;">


  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">lend or otherwise dispose of or transfer any shares of common stock;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">request or demand that we file a registration statement related to the common stock; or</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">enter into any swap or other agreement that transfers, in whole or in part, the economic consequences of ownership of any shares of common stock whether any such swap or transaction is to be settled by delivery of shares or other securities, in cash or otherwise.</FONT></P>
    <P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">These lock-up provisions apply to shares of our common stock and to securities convertible into or exchangeable or exercisable for or repayable with our common stock. These provisions also apply to shares of our common stock owned now or acquired later by such persons or for which such persons later acquire the
  power of disposition. In the event that either (a) during the last 17 days of the 90-day period referred to above, we issue an earnings release or material news or a material event relating to us occurs or (b) prior to the expiration of the 90-day restricted period, we announce that we will release earnings results or become
  aware that material news or a material event will occur during the 16-day period beginning on the last day of the 90-day restricted period, the restrictions described above will continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or
  material event. The lock-up provisions do not apply to transfers to immediate family or donees who receive such securities as bona fide gifts; provided that such transferees agree to substantially the same transfer restrictions on the securities they receive.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">In order to facilitate the offering of the shares of our common stock, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of our common stock. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating
  a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase by the underwriters under their option to purchase additional shares. The underwriters can close out a covered short sale by exercising their option to purchase additional shares or purchasing shares in the
  open market. In determining the source of shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of shares compared to the price available under their option to purchase additional shares. The underwriters may also sell shares in excess of their option to purchase
  additional shares, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of our common stock in the open market
  after pricing that could adversely affect investors who purchase in this offering. As an additional means of facilitating this offering, the underwriters may bid for, and purchase, shares of our common stock in the open market to stabilize the price of our common stock. These activities may raise or maintain the market price of
  our common stock above independent market levels or prevent or retard a decline in the market price of our common stock. The underwriters are not required to engage in these activities and may end any of these activities at any time.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We and the underwriters have agreed to indemnify each other against certain liabilities, including liabilities under the Securities Act.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">A prospectus in electronic format may be made available on websites maintained by one or more underwriters, or selling group members, if any, participating in this offering. The representatives may agree to allocate a number of shares of our common stock to underwriters for sale to their online brokerage account
  holders. Internet distributions will be allocated by the representatives to underwriters that may make Internet distributions on the same basis as other allocations.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Certain of the underwriters and their affiliates from time to time have performed investment banking, commercial banking and advisory services to us, for which they have received customary fees and expenses. The underwriters and their affiliates may from time to time perform investment banking and advisory
  services for us and our affiliates in the ordinary course of business for which they may in the future receive customary fees and expenses.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Notice to Prospective Investors in the European Economic Area</B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a &#147;Relevant Member State&#148;), with effect from and including the date on which </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-21</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the Prospectus Directive is implemented in that Relevant Member State (the &#147;Relevant Implementation Date&#148;), no offer of shares may be made to the public in that Relevant Member State other than:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:14pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      A.</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      to any legal entity which is a qualified investor as defined in the Prospectus Directive;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:14pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">B.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of
      the representatives; or</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:14pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">C.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">in any other circumstances falling within Article 3(2) of the Prospectus Directive,</FONT></P>
    <P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="margin:2.1mm 0 0 17.9mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">provided that no such offer of shares shall require the Company or the representatives to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Each person in a Relevant Member State (other than a Relevant Member State where there is a Permitted Public Offer) who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed that (A) it is a &#147;qualified investor&#148; within the meaning of the law in
  that Relevant Member State implementing Article 2(1)(e) of the Prospectus Directive, and (B) in the case of any shares acquired by it as a financial intermediary, as that term is used in Article 3(2) of the Prospectus Directive, the shares acquired by it in the offering have not been acquired on behalf of, nor have they been
  acquired with a view to their offer or resale to, persons in any Relevant Member State other than &#147;qualified investors&#148; as defined in the Prospectus Directive, or in circumstances in which the prior consent of the Subscribers has been given to the offer or resale. In the case of any shares being offered to a financial
  intermediary as that term is used in Article 3(2) of the Prospectus Directive, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to
  their offer or resale to, persons in circumstances which may give rise to an offer of any shares to the public other than their offer or resale in a Relevant Member State to qualified investors as so defined or in circumstances in which the prior consent of the Representatives has been obtained to each such proposed offer or
  resale.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The Company, the representatives and their affiliates will rely upon the truth and accuracy of the foregoing representation, acknowledgement and agreement.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">This prospectus has been prepared on the basis that any offer of shares in any Relevant Member State will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of shares. Accordingly any person making or intending to make an offer in that Relevant
  Member State of shares which are the subject of the offering contemplated in this prospectus may only do so in circumstances in which no obligation arises for the Company or any of the underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Directive in relation to such offer. Neither the Company nor
  the underwriters have authorized, nor do they authorize, the making of any offer of shares in circumstances in which an obligation arises for the Company or the underwriters to publish a prospectus for such offer.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">For the purpose of the above provisions, the expression &#147;an offer to the public&#148; in relation to any shares in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the shares to be offered so as to enable an investor to decide to
  purchase or subscribe the shares, as the same may be varied in the Relevant Member State by any measure implementing the Prospectus Directive in the Relevant Member State and the expression &#147;Prospectus Directive&#148; means Directive 2003/71/EC (including the 2010 PD Amending Directive, to the extent implemented in the
  Relevant Member States) and includes any relevant implementing measure in the Relevant Member State and the expression &#147;2010 PD Amending Directive&#148; means Directive 2010/73/EU.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Notice to Prospective Investors in the United Kingdom</B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">This prospectus and any other material in relation to the shares of our common stock described herein is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors within the meaning of Article 2(1)(e) of the Prospective Directive (<I>qualified investors</I>) that also (i) have
  professional experience in matters relating to investments falling within Article 19(5) of the Financial </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-22</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, or the Order, (ii) who fall within Article 49(2)(a) to (d) of the Order or (iii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as <I>relevant persons</I>). The shares of our common stock are only available
  to, and any invitation, offer or agreement to purchase or otherwise acquire such shares of our common stock will be engaged in only with, relevant persons. This prospectus and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other
  person in the United Kingdom. Any person in the United Kingdom that is not a relevant person should not act or rely on this prospectus or any of its contents.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Notice to Prospective Investors in Switzerland</B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (&#147;SIX&#148;) or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art.
  1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares or the
  offering may be publicly distributed or otherwise made publicly available in Switzerland.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Neither this document nor any other offering or marketing material relating to the offering, Safe Bulkers, Inc. or the shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of shares will not be supervised by, the Swiss
  Financial Market Supervisory Authority FINMA (FINMA), and the offer of shares has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (&#147;CISA&#148;). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to
  acquirers of shares.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Notice to Prospective Investors in the Dubai International Financial Centre</B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">This prospectus supplement relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (&#147;DFSA&#148;). This prospectus supplement is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered
  to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth herein and has no responsibility for the prospectus supplement. The
  shares to which this prospectus supplement relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares offered should conduct their own due diligence on the shares. If you do not understand the contents of this prospectus supplement you should consult an authorized financial
  advisor.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-23</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_legal2>LEGAL MATTERS</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The validity of our common stock offered hereby and certain other matters relating to Marshall Islands law will be passed upon for us by Cozen O&#146;Connor, New York, New York. Certain other legal matters relating to United States law will be passed upon for us by Kirkland &amp; Ellis LLP, New York, New York. The
  underwriters are being represented by Morgan, Lewis &amp; Bockius LLP, New York, New York.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_experts2>EXPERTS</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The consolidated financial statements incorporated in this prospectus by reference from our Annual Report on Form 20-F for the year ended December 31, 2010 have been audited by Deloitte, Hadjipavlou, Sofianos &amp; Cambanis S.A., an independent registered public accounting firm, as stated in their report which is
  incorporated herein by reference. Such financial statements have been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_where2>WHERE YOU CAN FIND ADDITIONAL INFORMATION</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We filed with the SEC a registration statement on Form F-3 under the Securities Act of 1933, as amended, with respect to the offer and sale of securities pursuant to this prospectus. This prospectus supplement and the accompanying prospectus, filed as a part of the registration statement, do not contain all of the
  information set forth in the registration statement. The registration statement includes and incorporates by reference additional information and exhibits. Statements made in this prospectus supplement or the accompanying prospectus concerning the contents of any contract, agreement or other document filed as an exhibit to the
  registration statement are summaries of all of the material terms of such contracts, agreements or documents, but do not repeat all of their terms. Reference is made to each such exhibit for a more complete description of the matters involved and such statements shall be deemed qualified in their entirety by such reference.
  The registration statement and the exhibits and schedules thereto filed with the Commission may be inspected, without charge, and copies may be obtained at prescribed rates, at the public reference facility maintained by the Commission at its principal office at 100 F Street, N.E., Washington, D.C. 20549. You may obtain
  information on the operation of the public reference facility by calling 1-800-SEC-0330. The Commission also maintains a website (<I>http://www.sec.gov</I>) that contains reports, proxy and information statements and other information regarding registrants that file electronically with the Commission. For further information
  pertaining to the common stock offered by this prospectus supplement and the accompanying prospectus and Safe Bulkers, Inc., reference is made to the registration statement.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We are subject to the information and periodic reporting requirements of the Securities Exchange Act of 1934, as amended, and we file periodic reports and other information with the Commission. These periodic reports and other information are available for inspection and copying at the Commission&#146;s public
  reference facilities and the web site of the Commission referred to above. As a &#147;foreign private issuer&#148;, we are exempt from the rules under the Securities Exchange Act of 1934, as amended, prescribing the furnishing and content of proxy statements to stockholders, but we are required to furnish certain proxy statements to
  stockholders under New York Stock Exchange rules. Those proxy statements are not expected to conform to Schedule 14A of the proxy rules promulgated under the Securities Exchange Act of 1934, as amended. In addition, as a &#147;foreign private issuer&#148;, we are exempt from the rules under the Securities Exchange Act of
  1934, as amended, relating to short swing profit reporting and liability.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-24</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_incorporation2>INCORPORATION BY REFERENCE</a></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The SEC allows us to &#147;incorporate by reference&#148; the information we file with the SEC. This means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be part of this prospectus. Any
  information that we file later with the SEC and that is deemed incorporated by reference will automatically update and supersede the information in this prospectus. In all such cases, you should rely on the later information over different information included in this prospectus.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">This prospectus incorporates by reference the following documents:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      our Annual Report on Form 20-F for the year ended December 31, 2010, filed with the SEC on March 4, 2011;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our Report on Form 6-K furnished to the SEC on January 12, 2011, the sections entitled &#147;Fleet and Employment Profile&#148; and &#147;Fleet Data&#148; of our Report on Form 6-K furnished to the SEC on February 9, 2011, and our Report on Form 6-K furnished to the SEC on April 7, 2011; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:6pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the description of our common stock, and preferred stock purchase rights, contained in our registration statement on Form 8-A (File No. 001-34077), filed with the SEC on May 22, 2008 which incorporates by reference the description of our common stock contained in our Registration Statement on Form F-1 (File
      No. 333-150995), as amended, filed with the SEC on May 16, 2008, and any amendments or reports filed with the SEC updating that description.</FONT></P>
    <P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We will also incorporate by reference any future filings made with the SEC under Section 13(a), 13(c) or 15(d) of the Exchange Act until we terminate the offering contemplated by any prospectus supplement. In addition, we will incorporate by reference certain future materials furnished to the SEC on Form 6-K, but
  only to the extent specifically indicated in those submissions or in a future prospectus supplement.</FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">You may request a copy of these filings, at no cost, by writing or telephoning us at the following address:</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Safe Bulkers, Inc.<br>30-32 Avenue Karamanli<br>P.O. Box 70837<br>16605 Voula<br>Athens, Greece<br>011-30-210-899-4980<br>Attention: Dr. Loukas Barmparis, Secretary</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">S-25</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_pros1>PROSPECTUS</a></B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:5.9mm; color:#000cb2; "><B>$300,000,000</B></FONT><FONT style="font-family:serif; font-size:6.6mm; color:#000cb2; "><B><br>Safe Bulkers, Inc.</B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:5.2mm; color:#000cb2; "><B>Common Stock<br>Preferred Stock<br>Warrants<br>Subscription Rights</B></FONT></P>
<P style="text-indent:7mm; margin:14.8mm 0 12.7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="#000cb2" align="center" style="width:8.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Through this prospectus, we may offer common stock, preferred stock, warrants and subscription rights from time to time. When we decide to sell a particular class or series of securities, we will provide specific terms of the offered securities in a prospectus supplement. The securities offered by the
  Registrant pursuant to this prospectus will have an aggregate public offering price of up to $300,000,000.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The securities covered by this prospectus may be offered and sold from time to time in one or more offerings, which may be through one or more underwriters, dealers and agents, or directly to the purchasers. The names of any underwriters, dealers or agents, if any, will be included in a supplement
  to this prospectus.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">This prospectus describes some of the general terms that may apply to these securities and the general manner in which they may be offered. The specific terms of any securities to be offered, and the specific manner in which they may be offered, will be described in one or more supplements to this
  prospectus. A prospectus supplement may also add, update or change information contained in this prospectus.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our common stock is traded on the New York Stock Exchange under the symbol &#147;SB.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our offices are located at 30-32 Avenue Karamanli, P.O. Box 70837, 16605 Voula, Athens, Greece. Our telephone number at such address is 011-30-210-899-4980.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Investing in our securities involves risks. Before buying any securities you should carefully read the section entitled &#147;Risk Factors&#148; on page 4 of this prospectus.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Neither the Securities and Exchange Commission nor any state or other securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>
<P align="center" style="margin:10.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The date of this prospectus is November 12, 2009.</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>TABLE OF CONTENTS</B></FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:95.18%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_forward1>FORWARD-LOOKING STATEMENTS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_prospectus1>PROSPECTUS SUMMARY</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      2</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_risk1>RISK FACTORS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_service1>SERVICE OF PROCESS AND ENFORCEMENT OF LIABILITIES</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_about1>ABOUT THIS PROSPECTUS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_where1>WHERE YOU CAN FIND ADDITIONAL INFORMATION</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      4</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_incorporation1>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      5</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_ratio1>RATIO OF EARNINGS TO FIXED CHARGES</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      5</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_use1>USE OF PROCEEDS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_capitalization1>CAPITALIZATION AND INDEBTEDNESS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_description1>DESCRIPTION OF CAPITAL STOCK</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      6</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_description2>DESCRIPTION OF WARRANTS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      12</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_description3>DESCRIPTION OF SUBSCRIPTION RIGHTS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      12</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_marshall1>MARSHALL ISLANDS COMPANY CONSIDERATIONS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      14</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_principal1>PRINCIPAL STOCKHOLDERS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      18</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_plan1>PLAN OF DISTRIBUTION</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      19</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_legal1>LEGAL MATTERS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      21</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><a href=#c65125_experts1>EXPERTS</a></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      21</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">You should rely only on the information provided in this prospectus, the documents incorporated by reference herein and any prospectus supplements filed hereafter. We have not authorized anyone to provide you with additional or different information. If any person provides you with different or
  inconsistent information, you should not rely upon it. We are not making an offer of these securities in any jurisdiction where an offer or sale is not permitted. You should assume that the information in this prospectus is accurate as of the date on the front cover of this prospectus only. Our business,
  financial condition, results of operations and prospects may have changed since that date. Information contained on our website does not constitute part of this prospectus.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">i</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_forward1>FORWARD-LOOKING STATEMENTS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">All statements in this prospectus that are not statements of historical fact are &#147;forward-looking statements.&#148; The disclosure and analysis set forth in this prospectus includes assumptions, expectations, projections, intentions and beliefs about future events in a number of places, particularly in relation to
  our operations, cash flows, financial position, plans, strategies, business prospects, changes and trends in our business and the markets in which we operate. These statements are intended as forward-looking statements. In some cases, predictive, future-tense or forward-looking words such as &#147;believe,&#148;
  &#147;intend,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;project,&#148; &#147;forecast,&#148; &#147;plan,&#148; &#147;potential,&#148; &#147;may,&#148; &#147;should&#148; and &#147;expect&#148; and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. In addition, we and our representatives may from time to
  time make other oral or written statements which are forward-looking statements, including in our periodic reports that we file with the SEC, other information sent to our security holders and other written materials.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Forward-looking statements include, but are not limited to, such matters as:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      future operating or financial results and future revenues and expenses;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">future, pending or recent acquisitions, business strategy, areas of possible expansion and expected capital spending or operating expenses;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">availability of crew, length and number of off-hire days, drydocking requirements and insurance costs;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">general market conditions and shipping industry trends, including charter rates, vessel values and factors affecting supply and demand;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our financial condition and liquidity, including our ability to make required payments under our credit facilities and obtain additional financing in the future to fund capital expenditures, acquisitions and other corporate activities;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our expectations about availability of vessels to purchase, the time that it may take to construct and deliver new vessels or the useful lives of our vessels;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our continued ability to enter into period-time charters with our customers and secure profitable employment for our vessels in the spot market;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our expectations relating to dividend payments and ability to make such payments;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our ability to leverage to our advantage our Manager&#146;s relationships and reputation within the drybulk shipping industry;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our anticipated general and administrative expenses;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">environmental and regulatory conditions, including changes in laws and regulations or actions taken by regulatory authorities;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">risks inherent in vessel operation, including piracy and discharge of pollutants;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">potential liability from future litigation; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">other factors discussed in &#147;Risk Factors&#148; of this prospectus.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We caution that the forward-looking statements included in this prospectus represent our estimates and assumptions only as of the date of this prospectus and are not intended to give any assurance as to future results. Assumptions, expectations, projections, intentions and beliefs about future events
  may, and often do, vary from actual results and these differences can be material. The reasons for this include the risks, uncertainties and factors described under &#147;Risk Factors.&#148; As a result, the forward-looking events discussed in this prospectus might not occur and our actual results may differ materially
  from those anticipated in the forward-looking statements. Accordingly, you should not unduly rely on any forward-looking statements.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We undertake no obligation to update or revise any forward-looking statements contained in this prospectus, whether as a result of new information, future events, a change in our views or expectations or otherwise. New factors emerge from time to time, and it is not possible for us to predict all of
  these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_prospectus1>PROSPECTUS SUMMARY</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>This summary highlights information contained elsewhere in this prospectus and should be read together with the information contained in other parts of this prospectus, any prospectus supplement and the documents we incorporate by reference. Unless otherwise indicated, references in this prospectus to
  &#147;Safe Bulkers,&#148; the &#147;Company,&#148; &#147;we,&#148; &#147;our,&#148; &#147;us,&#148; or similar terms when used in a historical context refer to Safe Bulkers, Inc. and/or its subsidiaries. For a more complete understanding of the terms of a particular issuance of offered securities, and before making your investment decision, you should
  carefully read the prospectus and the documents referred to in &#147;Where You Can Find Additional Information&#148; for information about us, including our financial statements. Unless otherwise indicated, all references to currency amounts in this prospectus are in U.S. dollars.</I></FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Our Company</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world&#146;s largest consumers of marine drybulk transportation services. As of September 30, 2009, we
  had a fleet of 14 drybulk vessels, with an aggregate carrying capacity of 1,153,900 deadweight tons, or dwt, and an average age of 3.54 years, making us one of the world&#146;s youngest fleets of Panamax, Kamsarmax and Post-Panamax class vessels. We have contracted to acquire additional drybulk newbuild
  vessels to be delivered at various times through 2011.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We employ our vessels on both period-time charters and spot charters, according to our assessment of market conditions.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We were incorporated in the Republic of The Marshall Islands on December 11, 2007 under the Marshall Islands Business Corporations Act, for the purpose of acquiring ownership of various subsidiaries that either owned or were scheduled to own vessels. We are controlled by the Hajioannou
  family, which has a long history of operating and investing in the international shipping industry, including a long history of vessel ownership. Vassos Hajioannou, the late father of Polys Hajioannou, our chief executive officer, first invested in shipping in 1958. Polys Hajioannou has been actively involved
  in the industry since 1987, when he joined the predecessor of our affiliated management company, Safety Management Overseas S.A., which we refer to as &#147;Safety Management&#148; or our &#147;Manager.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We successfully completed our initial public offering (the &#147;IPO&#148;) in the United States on June 3, 2008 and our common stock trades on the New York Stock Exchange under the symbol &#147;SB.&#148; On May 29, 2008, the shares of various subsidiaries were contributed by Polys Hajioannou and Nicolaos
  Hadjioannou to Safe Bulkers, Inc. through Vorini Holdings Inc., a company controlled by Polys Hajioannou and Nicolaos Hadjioannou, in exchange for the issuance of 100% of the outstanding shares of Safe Bulkers, Inc. to Vorini Holdings Inc. (the &#147;Reorganization&#148;). Vorini Holdings sold 10,000,000
  shares of common stock of Safe Bulkers in the IPO. Following the Reorganization, we owned and continue to own each of the contributed subsidiaries and Vorini Holdings became and continues to be our controlling shareholder. As of September 30, 2009, Vorini Holdings Inc. owned approximately
  81.99% of our outstanding common stock.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The quality and size of our current fleet, together with our long-term relationships with several of our charter customers, are, we believe, the result of our long-term strategy of maintaining a young, high quality fleet, our broad knowledge of the drybulk industry and our strong management team. In
  addition to benefiting from the experience and leadership of Polys Hajioannou, we also benefit from the expertise of our Manager which, along with its predecessor, has specialized in drybulk shipping since 1965, providing services to over 30 drybulk vessels. A number of our Manager&#146;s key management
  and operational personnel have been continuously employed with Safety Management and its predecessor companies for over 25 years.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We maintain our offices at 30-32 Avenue Karamanli, P.O. Box 70837, 16605 Voula, Athens, Greece. Our telephone number at that address is 011-30-210-899-4980. Our registered address in the Marshall Islands is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">2</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Islands MH96960. The name of our registered agent at such address is The Trust Company of the Marshall Islands, Inc.</FONT></P>
<P style="margin:2.8mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>The Securities We May Offer</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We may use this prospectus to offer up to an aggregate public offering price of $300,000,000 of:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      common stock;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">preferred stock;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">warrants; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">subscription rights.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">A prospectus supplement will describe the specific types, amounts, prices, and detailed terms of any of these offered securities and may describe certain risks associated with an investment in the securities. Terms used in the prospectus supplement will have the meanings described in this prospectus,
  unless otherwise specified.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (a)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Common Stock</FONT>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We may issue shares of our common stock, par value $0.001 per share. Holders of our common stock are entitled to receive dividends when declared by our board of directors. Each holder of common stock is entitled to one vote per share. The holders of shares of common stock have no cumulative
  voting or preemptive rights.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:19pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (b)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Preferred Stock</FONT>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We may issue preferred stock, par value $0.01 per share, the terms of which will be established by our board of directors or a committee designated by the board. Each series of preferred stock will be more fully described in the prospectus supplement that will accompany this prospectus, including
  the terms of the preferred stock dealing with dividends, redemption provisions, rights in the event of liquidation, dissolution or winding up, voting rights and conversion rights. Generally, each series of preferred stock will rank on an equal basis with each other series of preferred stock and will rank prior
  to our common stock.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:17pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (c)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Warrants</FONT>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We may issue warrants to purchase our equity securities.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">For any particular warrants that we offer, the applicable prospectus supplement will describe the underlying securities into which the warrant is exercisable; the expiration date; the exercise price or the manner of determining the exercise price; the amount and kind, or the manner of determining the
  amount and kind, of property or cash to be delivered by you or us upon exercise; and any other specific terms. We will issue the warrants under warrant agreements between us and one or more warrant agents.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:19pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (d)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Subscription Rights</FONT>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We may issue to our stockholders subscription rights to purchase our equity securities.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">For any particular subscription rights that we offer, the applicable prospectus supplement will describe the number of subscription rights issued to each stockholder; the expiration date; the exercise price or the manner of determining the exercise price; and any other specific terms. These subscription
  rights may be issued independently or together with any other security offered by this prospectus and may or may not be transferable by the stockholders receiving the rights in the rights offering.</FONT></P>
<P style="margin:2.8mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Payment Currencies</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Amounts payable in respect of the securities, including the purchase price, will be payable in U.S. dollars, unless the prospectus supplement states otherwise.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our common stock is listed on the New York Stock Exchange. If any securities are to be listed or quoted on any other securities exchange or quotation system, the applicable prospectus supplement will so state.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">3</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_risk1>RISK FACTORS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Investing in the securities to be offered pursuant to this prospectus may involve a high degree of risk. You should carefully consider the important factors set forth under the heading &#147;Risk Factors&#148; in our most recent Annual Report on Form 20-F filed with the SEC and incorporated herein by
  reference and in the accompanying prospectus supplement for such issuance before investing in any securities that may be offered. For further details, see the section entitled &#147;Where You Can Find Additional Information.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Any of the risk factors referred to above could significantly and negatively affect our business, results of operations or financial condition, which may reduce our ability to pay dividends and lower the trading price of our common stock. The risks referred to above are not the only ones that may exist.
  Additional risks not currently known by us or that we deem immaterial may also impair our business operations. You may lose all or a part of your investment.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_service1>SERVICE OF PROCESS AND ENFORCEMENT OF LIABILITIES</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We are a Marshall Islands corporation and our offices are located outside of the United States in Athens, Greece. A majority of our directors and officers and some of the experts in this prospectus reside outside the United States. In addition, a substantial portion of our assets and the assets of our
  directors, officers and experts are located outside of the United States. As a result, you may have difficulty serving legal process within the United States upon us or any of these persons. You may also have difficulty enforcing, both in and outside of the United States, judgments you may obtain in U.S.
  courts against us or these persons in any action, including actions based upon the civil liability provisions of U.S. Federal or state securities laws.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Furthermore, there is substantial doubt that the courts of the Marshall Islands or Greece would enter judgments in original actions brought in those courts predicated on U.S. Federal or state securities laws.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_about1>ABOUT THIS PROSPECTUS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">This prospectus is part of a registration statement that we filed with the Securities Exchange Commission, or the &#147;SEC,&#148; using a shelf registration process. Under this shelf registration process, we may, from time to time, sell up to an aggregate public offering price of $300,000,000 of any combination
  of the securities described in this prospectus in one or more offerings. This prospectus provides you with a general description of the securities we may offer. Each time we sell securities, we will provide you with this prospectus, as well as a prospectus supplement that will contain specific information
  about the terms of that offering. That prospectus supplement may include additional risk factors or other special considerations applicable to those particular securities. Any prospectus supplement may also add, update or change information contained in this prospectus. If there is any inconsistency
  between the information contained in this prospectus and any prospectus supplement, you should rely on the information contained in that particular prospectus supplement. You should read both this prospectus and any prospectus supplement together with additional information described under the
  heading &#147;Where You Can Find Additional Information.&#148;</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_where1>WHERE YOU CAN FIND ADDITIONAL INFORMATION</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">As required by the Securities Act of 1933, we have filed a registration statement relating to the securities offered by this prospectus with the SEC. This prospectus is a part of that registration statement, which includes additional information.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We file annual and other reports with the SEC. You may read and copy any document we file at the SEC&#146;s public reference room located at 100 F Street, N.E., Washington, D.C. 20549. The public may obtain information on the operation of the SEC&#146;s Public Reference Room by calling the SEC in
  the United States at 1-800-SEC-0330. The SEC also maintains a web site at <I>http://www.sec.gov </I>that contains reports, proxy statements and other information regarding registrants that file electronically with the SEC.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">4</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_incorporation1>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The SEC allows us to &#147;incorporate by reference&#148; the information we file with the SEC. This means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be part of this
  prospectus. Any information that we file later with the SEC and that is deemed incorporated by reference will automatically update and supersede the information in this prospectus. In all such cases, you should rely on the later information over different information included in this prospectus.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">This prospectus incorporates by reference the following documents:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      our Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on May 19, 2009;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">our Reports on Form 6-K furnished to the SEC on June 11, 2009, July 8, 2009, August 3, 2009, September 9, 2009 (only the section titled &#147;Fleet Employment Profile as of August 31, 2009&#148;) and October 8, 2009; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the description of our common stock contained in our registration statement on Form 8-A (File No. 001-34077), filed with the SEC on May 22, 2008 which incorporates by reference the description of our common stock contained in our Registration Statement on Form F-1 (File No. 333-150995), as
      amended, filed with the SEC on May 16, 2008, and any amendments or reports filed with updating that description.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We will also incorporate by reference any future filings made with the SEC under Sections 13(a), 13(c) or 15(d) of the Exchange Act until we terminate the offering contemplated by any prospectus supplement. In addition, we will incorporate by reference certain future materials furnished to the SEC
  on Form 6-K, but only to the extent specifically indicated in those submissions or in a future prospectus supplement.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">You may request a copy of these filings, at no cost, by writing or telephoning us at the following address:</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Safe Bulkers, Inc.<br>30-32 Avenue Karamanli<br>P.O. Box 70837<br>16605 Voula<br>Athens, Greece<br>011-30-210-899-4980<br>Attention: Dr. Loukas Barmparis, Secretary</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="#000cb2" align="center" style="width:8.00pc; height:0.50pt;;"></FONT></P>
<P align="center" style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_ratio1>RATIO OF EARNINGS TO FIXED CHARGES</a></B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The following table shows our ratios of earnings to fixed charges for the periods indicated, computed using amounts derived from our financial statements prepared in accordance with U.S. GAAP.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:59.53%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:3.84%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:3.84%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:3.84%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:3.51%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:12.29%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD rowspan="2" align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="27" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Year Ended December 31,</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      6 Months<br>Ended June 30,</B></FONT></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2005</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2006</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2007</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2008</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      2009</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Ratio of Earnings to Fixed Charges</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      26.4</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      16.4</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      25.9</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      8.1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      18.2</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We have not issued any preferred stock as of the date of this prospectus. Accordingly, the ratio of earnings to combined fixed charges and preference dividends is equivalent to the ratio of earnings to fixed charges.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">For the purpose of computing the consolidated ratio of earnings to fixed charges, earnings consist of net income plus fixed charges less interest capitalized. Fixed charges consist of interest expensed and capitalized, amortization and write-off of capitalized expenses relating to indebtedness.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">5</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_use1>USE OF PROCEEDS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Unless otherwise set forth in the applicable prospectus supplement, we intend to use the net proceeds received from the sale of the securities we offer by this prospectus for general corporate purposes, which may include, among other things:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      the acquisition of new vessels;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">additions to working capital; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the repayment of indebtedness.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We may raise additional funds from time to time through equity or debt financings not involving the issuance of securities described in this prospectus, including borrowings under credit facilities, to finance our business and operations and new vessel acquisitions.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_capitalization1>CAPITALIZATION AND INDEBTEDNESS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our capitalization and indebtedness will be set forth in a prospectus supplement to this prospectus or in a report on Form 6-K subsequently furnished to the SEC and specifically incorporated herein by reference.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_description1>DESCRIPTION OF CAPITAL STOCK</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Under our first amended and restated articles of incorporation (as further amended through the date hereof) (&#147;articles of incorporation&#148;), our authorized capital stock consists of 200,000,000 shares of common stock, par value $0.001 per share, of which, as of September 30, 2009, 54,511,097 shares
  were issued and outstanding and fully paid, and 20,000,000 shares of blank check preferred stock, par value $0.01 per share, of which, as of September 30, 2009, no shares had been issued. Of this blank check preferred stock, 1,000,000 shares have been designated Series A Participating Preferred Stock in
  connection with our adoption of a stockholder rights plan as described below under &#147;&#151;Stockholder Rights Plan.&#148; All of our shares of stock are in registered form.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Common Stock</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of shares of common stock are entitled to receive ratably all dividends, if
  any, declared by our board of directors out of funds legally available for dividends. Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation
  preferences, if any, the holders of our common stock will be entitled to receive pro rata our remaining assets available for distribution. Holders of common stock do not have conversion, redemption or preemptive rights to subscribe to any of our securities. All outstanding shares of common stock are
  fully paid and nonassessable. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of any shares of preferred stock which we may issue in the future. Our common stock is not subject to any sinking fund provisions and no holder of any shares will be
  required to make additional contributions of capital with respect to our shares in the future. There are no provisions in our articles of incorporation or first amended and restated bylaws (&#147;bylaws&#148;) discriminating against a stockholder because of his or her ownership of a particular number of shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We are not aware of any limitations on the rights to own our common stock, including rights of non-resident or foreign stockholders to hold or exercise voting rights on our common stock, imposed by foreign law or by our articles of incorporation or bylaws.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Preferred Stock</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our articles of incorporation authorize our board of directors, without any further vote or action by our stockholders, to issue up to 20,000,000 shares of blank check preferred stock, of which </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">6</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">1,000,000 shares have been designated Series A Participating Preferred Stock, in connection with our adoption of a stockholder rights plan as described below under &#147;&#151;Stockholder Rights Plan,&#148; and to determine, with respect to any series of preferred stock established by our board of directors, the terms
  and rights of that series, including:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:2.50pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      the designation of the series;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the number of shares of the series;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the preferences and relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions of such series; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the voting powers, if any, of the holders of the series.</FONT></P>
    <P style="text-indent:10.5mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Stockholder Rights Plan</B></FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (1)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      General</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Each share of our common stock includes a right that entitles the holder to purchase from us a unit consisting of one-thousandth of a share of our Series A participating preferred stock at a purchase price of $25.00 per unit, subject to specified adjustments. The rights are issued pursuant to a
  stockholder rights agreement between us and American Stock Transfer &amp; Trust Company, as rights agent. Until a right is exercised, the holder of a right will have no rights to vote or receive dividends or any other stockholder rights.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">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 or a permitted offer, the rights should not interfere with a merger or other business combination approved by our board of directors. The adoption of the rights agreement was approved by our existing stockholder prior to our initial
  public offering in May 2008.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We have summarized the material terms and conditions of the rights agreement and the rights below. For a complete description of the rights, we encourage you to read the stockholder rights agreement, which we filed with the SEC on May 16, 2008 as an exhibit to our Registration Statement on
  Form F-1.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (2)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Detachment of the Rights</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The rights are attached to all certificates representing our outstanding common stock and will attach to all common stock certificates we issue prior to the rights distribution date that we describe below. The rights are not exercisable until after the rights distribution date and will expire at the close of
  business on the tenth anniversary date of the adoption of the rights plan, unless we redeem or exchange them earlier as described below. The rights will separate from the common stock and a rights distribution date will occur, subject to specified exceptions, on the earlier of the following two dates:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      ten days following the first public announcement that a person or group of affiliated or associated persons or an &#147;acquiring person&#148; has acquired or obtained the right to acquire beneficial ownership of 15% or more of our outstanding common stock; or</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">ten business days following the start of a tender or exchange offer that would result, if closed, in a person becoming an &#147;acquiring person.&#148;</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our controlling stockholder, Vorini Holdings Inc. and its affiliates, which together owned 81.99% of our common stock as of September 30, 2009, are excluded from the definition of &#147;acquiring person&#148; for purposes of the rights, and therefore their ownership or future share acquisitions cannot trigger
  the rights. Specified &#147;inadvertent&#148; owners that would otherwise become an acquiring person, including those who would have this designation as a result of repurchases of common stock by us, will not become acquiring persons as a result of those transactions.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">7</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our board of directors may defer the rights distribution date in some circumstances, and some inadvertent acquisitions will not result in a person becoming an acquiring person if the person promptly divests itself of a sufficient number of shares of common stock.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Until the rights distribution date:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      our common stock certificates will evidence the rights, and the rights will be transferable only with those certificates; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">any new shares of common stock will be issued with rights and new certificates will contain a notation incorporating the rights agreement by reference.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">As soon as practicable after the rights distribution date, the rights agent will mail certificates representing the rights to holders of record of common stock at the close of business on that date. As of the rights distribution date, only separate rights certificates will represent the rights.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We will not issue rights with any shares of common stock we issue after the rights distribution date, except as our board of directors may otherwise determine.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (3)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Flip-In Event</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">A &#147;flip-in event&#148; will occur under the rights agreement when a person becomes an acquiring person. If a flip-in event occurs and we do not redeem the rights as described under the heading &#147;&#151;Redemption of Rights&#148; below, each right, other than any right that has become void, as described below, will
  become exercisable at the time it is no longer redeemable for the number of shares of common stock, or, in some cases, cash, property or other of our securities, having a current market price equal to two times the exercise price of such right.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">If a flip-in event occurs, all rights that then are, or in some circumstances that were, beneficially owned by or transferred to an acquiring person or specified related parties will become void in the circumstances the rights agreement specifies.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (4)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Flip-Over Event</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">A &#147;flip-over event&#148; will occur under the rights agreement when, at any time after a person has become an acquiring person:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      we are acquired in a merger or other business combination transaction; or</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">50% or more of our assets, cash flows or earning power is sold or transferred.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">If a flip-over event occurs, each holder of a right, other than any right that has become void as we describe under the heading &#147;&#151;Flip-In Event&#148; above, will have the right to receive the number of shares of common stock of the acquiring company having a current market price equal to two times the
  exercise price of such right.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (5)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Antidilution</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The number of outstanding rights associated with our common stock is subject to adjustment for any stock split, stock dividend or subdivision, combination or reclassification of our common stock occurring prior to the rights distribution date. With some exceptions, the rights agreement does not
  require us to adjust the exercise price of the rights until cumulative adjustments amount to at least 1% of the exercise price. It also does not require us to issue fractional shares of our preferred stock that are not integral multiples of one one-hundredth of a share, and, instead we may make a cash
  adjustment based on the market price of the common stock on the last trading date prior to the date of exercise. The rights agreement reserves us the right to require, prior to the occurrence of any flip-in event or flip-over event that, on any exercise of rights, that a number of rights must be exercised so
  that we will issue only whole shares of stock.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (6)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Redemption of Rights</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">At any time until ten days after the date on which the occurrence of a flip-in event is first publicly announced, we may redeem the rights in whole, but not in part, at a redemption price of $0.01 per right. The redemption price is subject to adjustment for any stock split, stock dividend or similar
  transaction occurring before the date of redemption. At our option, we may pay that redemption price in cash, shares of common stock or any other consideration our board of directors </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">8</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">may select. The rights are not exercisable after a flip-in event until they are no longer redeemable. If our board of directors timely orders the redemption of the rights, the rights will terminate on the effectiveness of that action.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (7)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Exchange of Rights</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We may, at our option, exchange the rights (other than rights owned by an acquiring person or an affiliate or an associate of an acquiring person, which have become void), in whole or in part. The exchange must be at an exchange ratio of one share of common stock per right, subject to specified
  adjustments at any time after the occurrence of a flip-in event and prior to:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      any person other than our existing stockholder becoming the beneficial owner of common stock with voting power equal to 50% or more of the total voting power of all shares of common stock entitled to vote in the election of directors; or</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the occurrence of a flip-over event.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>



<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (8)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Amendment of Terms of Rights</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">While the rights are outstanding, we may amend the provisions of the rights agreement only as follows:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      to cure any ambiguity, omission, defect or inconsistency;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">to make changes that do not adversely affect the interests of holders of rights, excluding the interests of any acquiring person; or</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">to shorten or lengthen any time period under the rights agreement, except that we cannot change the time period when rights may be redeemed or lengthen any time period, unless such lengthening protects, enhances or clarifies the benefits of holders of rights other than an acquiring person.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">At any time when no rights are outstanding, we may amend any of the provisions of the rights agreement, other than decreasing the redemption price.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Dividends</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The declaration and payment of dividends, if any, will always be subject to the discretion of our board of directors and the requirements of Marshall Islands law. The timing and amount of any dividends declared will depend on, among other things: (a) our earnings, financial condition and cash
  requirements and availability, (b) our ability to obtain debt and equity financing on acceptable terms as contemplated by our growth strategy, (c) provisions of Marshall Islands and Liberian law governing the payment of dividends, (d) restrictive covenants in our existing and future debt instruments and
  (e) global financial conditions. There can be no assurance that dividends will be paid. Our ability to pay dividends may be limited by the amount of cash we can generate from operations following the payment of fees and expenses and the establishment of any reserves as well as additional factors
  unrelated to our profitability. We are a holding company, and we depend on the ability of our subsidiaries to distribute funds to us in order to satisfy our financial obligations and to make dividend payments.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Marshall Islands Law and Our Articles of Incorporation and Bylaws</B></FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (1)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      General</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our purpose, as stated in our articles of incorporation, is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the Business Corporations Act of the Marshall Islands, or the &#147;BCA,&#148; and without in any way limiting the generality of the foregoing, the
  corporation shall have the power: (a) to purchase or otherwise acquire, own, use, operate, pledge, hypothecate, mortgage, lease, charter, sub-charter, sell, build, and repair steamships, motorships, tankers, sailing vessels, tugs, lighters, barges, and all other vessels and craft of any and all motive power
  whatsoever, including, landcraft and any and all other means of conveyance and transportation by land or water, together with engines, boilers, machinery equipment and appurtenances of all kinds, including masts, sails, boats, anchors, cables, tackle, furniture and all </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">9</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">other necessities thereunto appertaining and belonging, together with all materials, articles, tools, equipment and appliances necessary, suitable or convenient for the construction, equipment, use and operation thereof; and to equip, furnish, and outfit such vessels and ships; (b) to carry on its business, to
  have one or more offices, and or exercise its powers in foreign countries, subject to the laws of the particular country; (c) to borrow or raise money and contract debts, when necessary, for the transaction of its business or for the exercise of its corporate rights, privileges or franchise or for any other
  lawful purpose of its incorporation; to draw, make, accept, endorse, execute and issue promissory notes, bills of exchange, bonds, debentures, and other instruments and evidences of indebtedness either secured by mortgage, pledge, deed of trust, or otherwise, or unsecured; (d) to purchase or otherwise
  acquire, hold, own, mortgage, sell, convey, or otherwise dispose of real and personal property of every class and description; and (e) to act as agent and/or representative of ship-owning companies.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our articles of incorporation and bylaws do not impose any limitations on the ownership rights of our stockholders.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Under our bylaws, annual stockholder meetings will be held at a time and place selected by our board of directors. The meetings may be held inside or outside of the Marshall Islands. Special meetings may be called by the Chairman of the board of directors, the Chief Executive Officer or by the
  Chairman of the board of directors or the Chief Executive Officers at the request of a majority of the board of directors. Our board of directors may set a record date between 15 and 60 days before the date of any meeting to determine the stockholders that will be eligible to receive notice and vote at
  the meeting. Our articles of incorporation and bylaws permit stockholder action by unanimous written consent.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We are registered with the Registrar of Corporations of the Republic of the Marshall Islands, Inc. under registration number 27394.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (2)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Directors</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Under our articles of incorporation and bylaws, our directors are elected by a plurality of the votes cast at each annual meeting of the stockholders by the holders of shares entitled to vote in the election. There is no provision for cumulative voting.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Pursuant to the provision of our bylaws, the board of directors may change the number of directors to not less than three, nor more than 15, by a vote of a majority of the entire board. Each director shall be elected to serve until the third succeeding annual meeting of stockholders and until his or
  her successor shall have been duly elected and qualified, except in the event of death, resignation or removal. A vacancy on the board created by death, resignation, removal (which may only be for cause), or failure of the stockholders to elect the entire class of directors to be elected at any election of
  directors or for any other reason, may be filled only by an affirmative vote of a majority of the remaining directors then in office, even if less than a quorum, at any special meeting called for that purpose or at any regular meeting of the board of directors. The board of directors has the authority to fix
  the amounts which shall be payable to the non-employee members of our board of directors for attendance at any meeting or for services rendered to us.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (3)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Dissenters&#146; Rights of Appraisal and Payment</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Under the BCA, our stockholders have the right to dissent from various corporate actions, including any merger or sale of all, or substantially all, of our assets not made in the usual course of our business, and receive payment of the fair value of their shares. In the event of any amendment of our
  articles of incorporation, a stockholder also has the right to dissent and receive payment for their shares if the amendment alters certain rights in respect of those shares. The dissenting stockholder must follow the procedures set forth in the BCA to receive payment. In the event that we and any
  dissenting stockholder fail to agree on a price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the high court of the Republic of The Marshall Islands or in any appropriate court in any jurisdiction in which our shares are primarily traded on a local or
  national securities exchange. The value of the shares of the dissenting stockholder is fixed by the court after reference, if the court so elects, to the recommendations of a court-appointed appraiser.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">10</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (4)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Stockholders&#146; Derivative Actions</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Under the BCA, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, <I>provided </I>that the stockholder bringing the action is a holder of common stock both at the time the derivative action is commenced and at the time of the
  transaction to which the action relates.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>Anti-takeover Provisions of our Charter Documents</B></FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (1)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      General</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Several provisions of our articles of incorporation and bylaws, which are summarized in the following paragraphs, may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our board
  of directors to maximize stockholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions could also delay, defer or prevent (a) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise that a stockholder might
  consider in its best interest, including attempts that may result in a premium over the market price for the shares held by the stockholders, and (b) the removal of incumbent officers and directors.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (2)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Blank Check Preferred Stock</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Under the terms of our articles of incorporation, our board of directors has authority, without any further vote or action by our stockholders, to issue up to 20,000,000 shares of blank check preferred stock, of which 1,000,000 shares have been designated Series A Participating Preferred Stock, in
  connection with our adoption of a stockholder rights plan as described above under &#147;&#151;Stockholder Rights Plan.&#148; Our board of directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change of control of our company or the removal of our management.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (3)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Classified Board of Directors</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our articles of incorporation provide for a board of directors serving staggered, three-year terms. Approximately one-third of our board of directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to
  obtain control of our company. It could also delay stockholders who do not agree with the policies of the board of directors from removing a majority of the board of directors for two years.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (4)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Election and Removal of Directors</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our articles of incorporation prohibit cumulative voting in the election of directors. Our bylaws require parties other than the board of directors to give advance written notice of nominations for the election of directors. Our articles of incorporation and bylaws also provide that our directors may be
  removed only for cause. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (5)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Calling of Special Meetings of Stockholders</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our articles of incorporation and bylaws provide that special meetings of our stockholders may only be called by our Chairman of the board of directors, Chief Executive Officer or by either, at the request of a majority of our board of directors.</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      (6)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>
      Advance Notice Requirements for Stockholder Proposals and Director Nominations</I></FONT>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I></I></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our bylaws provide that stockholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of stockholders must provide timely notice of their proposal in writing to the corporate secretary.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Generally, to be timely, a stockholder&#146;s notice must be received at our offices not less than 90 days nor more than 120 days prior to the first anniversary date of the previous year&#146;s annual meeting. Our bylaws also specify requirements as to the form and content of a stockholder&#146;s notice. </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">11</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">These provisions may impede stockholders&#146; ability to bring matters before an annual meeting of stockholders or to make nominations for directors at an annual meeting of stockholders.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_description2>DESCRIPTION OF WARRANTS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We may issue warrants to purchase our equity securities or securities of third parties or other rights, including rights to receive payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies, securities or indices, or any combination of the foregoing.
  Warrants may be issued independently or together with any other securities and may be attached to, or separate from, such securities. A series of warrants may be issued under a separate warrant agreement to be entered into between us and a warrant agent. The terms of any warrants to be issued and a
  description of the material provisions of any applicable warrant agreement will be set forth in the applicable prospectus supplement.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The applicable prospectus supplement will describe the following terms of any warrants in respect of which this prospectus is being delivered:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      the title of such warrants;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the aggregate number of such warrants;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the price or prices at which such warrants will be issued;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the currency or currencies, in which the price of such warrants will be payable;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the securities or other rights, including rights to receive payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies, securities or indices, or any combination of the foregoing, purchasable upon exercise of such warrants;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the price at which and the currency or currencies, in which the securities or other rights purchasable upon exercise of such warrants may be purchased;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the date on which the right to exercise such warrants shall commence and the date on which such right shall expire;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the amount of warrants outstanding;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">if applicable, the date on and after which such warrants and the related securities will be separately transferable;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">information with respect to book-entry procedures, if any;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">if applicable, a discussion of any material United States Federal income tax considerations; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_description3>DESCRIPTION OF SUBSCRIPTION RIGHTS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We may issue to our stockholders subscription rights to purchase our equity securities. These subscription rights may be issued independently or together with any other security offered by this prospectus and may or may not be transferable by the stockholder receiving the rights in the rights offering.
  In connection with any rights offering, we may enter into a standby underwriting agreement with one or more underwriters pursuant to which the underwriter will purchase any securities that remain unsubscribed for upon completion of the rights offering.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The applicable prospectus supplement relating to any subscription rights will describe the terms of the offered subscription rights, including, where applicable, the following:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      the exercise price for the subscription rights;</FONT>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>
</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">12</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">


  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the number of subscription rights issued to each stockholder;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the extent to which the subscription rights are transferable;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">any other terms of the subscription rights, including terms, procedures and limitations relating to the exchange and exercise of the subscription rights;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the date on which the right to exercise the subscription rights will commence and the date on which the right will expire;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the amount of subscription rights outstanding;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the extent to which the subscription rights include an over-subscription privilege with respect to unsubscribed securities; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">the material terms of any standby underwriting arrangement entered into by us in connection with the subscription rights offering.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The description in the applicable prospectus supplement of any subscription rights we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable subscription rights certificate or subscription rights agreement, which will be filed with the SEC if we offer
  subscription rights. For more information on how you can obtain copies of any subscription rights certificate or subscription rights agreement if we offer subscription rights, see &#147;Where You Can Find Additional Information&#148; beginning on page 4 of this prospectus. We urge you to read the applicable
  subscription rights certificate, the applicable subscription rights agreement and any applicable prospectus supplement in their entirety.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">13</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_marshall1>MARSHALL ISLANDS COMPANY CONSIDERATIONS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Our corporate affairs are governed by our articles of incorporation and bylaws and by the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. For example, the BCA allows the adoption of various anti-takeover measures such as
  stockholder &#147;rights&#148; plans. While the BCA also provides that it is to be interpreted according to the laws of the State of Delaware and other states with substantially similar legislative provisions, there have been few, if any, court cases interpreting the BCA in the Marshall Islands. Accordingly, we cannot
  predict whether Marshall Islands courts would reach the same conclusions as United States courts and you may have more difficulty in protecting your interests in the face of actions by the management, directors or controlling stockholders than would stockholders of a corporation incorporated in a
  United States jurisdiction which has developed a substantial body of case law. The following table provides a comparison between the statutory provisions of the BCA and the Delaware General Corporation Law relating to stockholders&#146; rights.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:38.16%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:38.16%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="5" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Marshall Islands</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="5" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Delaware</B></FONT></P></TD>
  </TR>


  <TR valign="top">
    <TD colspan="11" align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><I>
      Stockholder Meetings</I></B></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Held at a time and place as designated in the bylaws.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the
      board of directors.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      May be held in or outside of the Marshall Islands.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      May be held in or outside of Delaware.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Notice:</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Notice:</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Whenever stockholders are required to take action at a meeting, written notice shall state the place, date and hour of the meeting and
      indicate that it is being issued by or at the direction of the person calling the meeting.</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given which shall
      state the place, if any, date and hour of the meeting, and the means of remote communication, if any.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      A copy of the notice of any meeting shall be given personally or sent by mail not less than 15 nor more than 60 days before meeting.</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Written notice shall be given not less than 10 nor more than 60 days before the meeting.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="11" align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><I>
      Stockholder&#146;s Voting Rights</I></B></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Any action required to be taken by a meeting of stockholders may be taken without a meeting if consent is in writing and is signed by all the
      stockholders entitled to vote.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      With limited exceptions, stockholders may act by written consent to elect directors.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Any person authorized to vote may authorize another person to act for him by proxy.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Any person authorized to vote may authorize another person or persons to act for him by proxy.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Unless otherwise provided in the articles of incorporation, a majority of shares entitled to vote constitutes a quorum. In no event shall a quorum
      consist of fewer than one-third of the shares entitled to vote at a meeting.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      For stock corporations, a certificate of incorporation or bylaws may specify the number to constitute a quorum, but in no event shall a quorum
      consist of less than one-third of the shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to
      vote shall constitute a quorum.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      </FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">14</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:38.16%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:38.16%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="5" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Marshall Islands</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="5" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Delaware</B></FONT></P></TD>
  </TR>

  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any stockholders.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any stockholders.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      The articles of incorporation may provide for cumulative voting in the election of directors.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      The certificate of incorporation may provide for cumulative voting.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Any two or more domestic corporations may merge into a single corporation if approved by the board and if authorized by a majority vote of
      the holders of outstanding shares at a stockholder meeting.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Any two or more corporations existing under the laws of the state may merge into a single corporation pursuant to a board resolution and upon
      the majority vote of the outstanding stock entitled to vote of each constituent corporation at an annual or special meeting.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Any sale, lease, exchange or other disposition of all or substantially all the assets of a corporation, if not made in the corporation&#146;s usual or
      regular course of business, once approved by the board, shall be authorized by the affirmative vote of two-thirds of the shares of those entitled to
      vote at a stockholder meeting.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Every corporation may at any meeting of the board sell, lease or exchange all or substantially all of its property and assets as its board deems
      expedient and for the best interests of the corporation when so authorized by a resolution adopted by the holders of a majority of the
      outstanding stock of a corporation entitled to vote.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Any domestic corporation owning at least 90% of the outstanding shares of each class of another domestic corporation may merge such other
      corporation into itself without the authorization of the stockholders of any corporation.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Any corporation owning at least 90% of the outstanding shares of each class of another corporation may merge the other corporation into itself
      and assume all of its obligations without the vote or consent of stockholders; however, in case the parent corporation is not the surviving
      corporation, the proposed merger shall be approved by a majority of the outstanding stock of the parent corporation entitled to vote at a duly
      called stockholder meeting.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Any mortgage, pledge of or creation of a security interest in all or any part of the corporate property made in furtherance of corporate purpose
      may be authorized without the vote or consent of the stockholders, unless otherwise provided for in the articles of incorporation.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Any mortgage or pledge of a corporation&#146;s property and assets may be authorized without the vote or consent of stockholders, except to the
      extent that the certificate of incorporation otherwise provides.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="11" align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><I>
      Directors</I></B></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      The board of directors must consist of at least one member.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      The board of directors must consist of at least one member.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Number of members can be changed by an amendment to the bylaws, by the stockholders or by action of the board under specific provisions of
      the bylaws.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Number of board members shall be fixed by the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a
      change in the number shall be made only by amendment of the certificate of incorporation.</FONT></P></TD>
  </TR>
</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">15</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:38.16%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:38.16%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="5" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Marshall Islands</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="5" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Delaware</B></FONT></P></TD>
  </TR>


  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      If the board of directors is authorized to change the number of directors, it can only do so by a majority of the entire board and so long as no
      decrease in the number shall shorten the term of any incumbent director.</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Removal:</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Removal:</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Any or all of the directors may be removed for cause by vote of the stockholders.</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote unless the
      certificate of incorporation otherwise provides.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      If the articles of incorporation or the bylaws so provide, any or all of the directors may be removed without cause by vote of the
      stockholders.</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      In the case of a classified board, stockholders may effect removal of any or all directors only for cause.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="11" align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><I>
      Dissenter&#146;s Rights of Appraisal</I></B></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      With limited exceptions, including for the shares of any class or series of stock listed on a securities exchange or admitted for trading on an
      interdealer quotation system, stockholders have a right to dissent from a merger or sale of all or substantially all assets not made in the usual
      course of business and to receive payment of the fair value of their shares.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      With limited exceptions, including for the shares of any class or series of stock listed on a national securities exchange, appraisal rights shall be
      available for the shares of any class or series of stock of a corporation in a merger or consolidation.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      A holder of any adversely affected shares who does not vote on, or consent in writing to, an amendment to the articles of incorporation has the
      right to dissent and to receive payment for such shares if the amendment:</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      The certificate of incorporation may provide that appraisal rights are available for shares as a result of an amendment to the certificate of
      incorporation, any merger or consolidation or the sale of all or substantially all of the assets of the corporation.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Alters or abolishes any preferential right of any outstanding shares having preference; or</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Creates, alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Alters or abolishes any preemptive right of such holder to acquire shares or other securities; or</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      &#151;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new
      shares then being authorized of any existing or new class.</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">16</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:38.16%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:38.16%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" style="font-size:0.2mm">
    <TD colspan="5" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Marshall Islands</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="5" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Delaware</B></FONT></P></TD>
  </TR>


  <TR valign="top">
    <TD colspan="11" align="center"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><I>
      Stockholder&#146;s Derivative Actions</I></B></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      An action may be brought in the right of a corporation to procure a judgment in its favor, by a holder of shares or of voting trust certificates or
      of a beneficial interest in such shares or certificates. It shall be made to appear that the plaintiff is such a holder at the time of bringing the
      action and that he was such a holder at the time of the transaction of which he complains, or that his shares or his interest therein devolved upon
      him by operation of law.</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      In any derivative suit instituted by a stockholder of a corporation, it shall be averred in the complaint that the plaintiff was a stockholder of the
      corporation at the time of the transaction of which he complains or that such stockholder&#146;s stock thereafter devolved upon such stockholder by
      operation of law.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board of directors or the
      reasons for not making such effort.</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Such action shall not be discontinued, compromised or settled, without the approval of the High Court of the Republic of the Marshall Islands.</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Reasonable expenses, including attorneys&#146; fees, may be awarded if the action is successful.</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Corporation may require a plaintiff bringing a derivative suit to give security for reasonable expenses if the plaintiff owns less than 5% of any
      class of stock and the shares have a value of less than $50,000.</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">17</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_principal1>PRINCIPAL STOCKHOLDERS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The following table sets forth certain information regarding the beneficial ownership of our outstanding common stock as of September 30, 2009, held by:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      each person or entity that we know beneficially owns 5% or more of our common stock;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">each of our officers and directors; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">all our directors and officers as a group.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Beneficial ownership is determined in accordance with the rules of the SEC. In general, a person who has voting power or investment power with respect to securities is treated as a beneficial owner of those securities.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Beneficial ownership does not necessarily imply that the named person has the economic or other benefits of ownership. For purposes of this table, shares subject to options, warrants or rights or shares exercisable within 60 days of September 30, 2009 are considered as beneficially owned by the
  person holding those options, warrants or rights. Each stockholder is entitled to one vote for each share held. The applicable percentage of ownership of each stockholder is based on 54,511,097 shares of common stock outstanding as of September 30, 2009. Information for certain holders is based on their
  latest filings with the SEC or information delivered to us. Except as noted below, the address of all stockholders, officers and directors identified in the table and accompanying footnotes below is in care of our offices.</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:52.93%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:18.27%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:23.54%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>

  <TR valign="bottom" style="font-size:0.2mm">
    <TD style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Identity of Person or Group</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Number of<br>Shares of<br>Common Stock Owned</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm #000cb2; "><P><FONT style="font-family:serif; font-size:3.1mm; color:#000cb2; "><B>
      Percentage of Common Stock</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>5% Beneficial Owners:</I></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Vorini Holdings Inc.(1)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      44,694,400</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      81.99</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       %</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>Officers and Directors:</I></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Polys Hajioannou(2)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      44,694,400</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      81.99</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       %</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Dr. Loukas Barmparis</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Konstantinos Adamopoulos</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Nicolaos Hadjioannou(2)(3)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      44,694,400</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      81.99</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       %</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Ioannis Foteinos(3)</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Basil Sakellis</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Frank Sica</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      32,108</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      *</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Ole Wikborg</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      0</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><I>All executive officers and directors as a group<br>(7 persons)</I></FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      44,726,508</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      82.05</FONT></P></TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
       %</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
</TABLE>


<P style="text-indent:7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="#000cb2" align="left" style="width:4.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      *</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      Less than 1%.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Vorini Holdings Inc. is controlled by Polys Hajioannou and Nicolaos Hadjioannou, who together hold the majority of our shares.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">By virtue of shares owned indirectly through Vorini Holdings Inc., which is our principal stockholder.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">(3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Nicolaos Hadjioannou resigned as our Chief Operating Officer and as a member of our board of directors on February 17, 2009, and was replaced in those positions by Ioannis Foteinos.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">In May 2008, we completed a registered public offering of our shares of common stock in which the selling stockholder was Vorini Holdings Inc. and our common stock began trading on the New York Stock Exchange. Our major stockholders have the same voting rights as our other stockholders. As
  of September 30, 2009, we had four stockholders of record. Three of these stockholders of record were located in the United States and held an aggregate 10,011,097 shares of common stock representing approximately 18.37% of our outstanding shares of common stock. However, one of the U.S.
  stockholders of record is Cede &amp; Co., a nominee of The Depository Trust Company, which holds 10,003,689 shares of our common stock. Accordingly, we believe that the shares held by Cede &amp; Co. include shares of common stock beneficially owned by both holders in the United States and non-U.S.
  beneficial owners. We are not aware of any arrangements the </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">18</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">operation of which may at a subsequent date result in our change of control. We are not aware of any significant changes in the percentage ownership held by any major stockholders since our initial public offering.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">As of September 30, 2009, Vorini Holdings Inc., which is controlled by Polys Hajioannou and Nicolaos Hadjioannou, owns approximately 81.99% of our outstanding common stock. This stockholder is able to control the outcome of matters on which our stockholders are entitled to vote, including the
  election of our entire board of directors and other significant corporate actions. Shares of our common stock held by Vorini Holdings Inc. do not have different or unique voting rights.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_plan1>PLAN OF DISTRIBUTION</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We may offer and sell, from time to time, some or all of the securities covered by this prospectus up to an aggregate public offering price of $300,000,000. We have registered the securities covered by this prospectus for offer and sale by us so that those securities may be freely sold to the public by
  us. Registration of the securities covered by this prospectus does not mean, however, that those securities necessarily will be offered or sold.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Securities covered by this prospectus may be sold from time to time, in one or more transactions, at market prices prevailing at the time of sale, at prices related to market prices, at a fixed price or prices subject to change, at varying prices determined at the time of sale or at negotiated prices, by a
  variety of methods including the following:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      on the New York Stock Exchange or any other national securities exchange or U.S. inter-dealer system of a registered national securities association on which our common stock may be listed or quoted at the time of sale;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">in the over-the-counter market;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">in privately negotiated transactions;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">in an exchange distribution in accordance with the rules of the applicable exchange;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">as settlement of short sales entered into after the date of the prospectus;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">through broker-dealers, who may act as agents or principals;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">through sales &#147;at the market&#148; to or through a market-maker;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">in a block trade, in which a broker-dealer will attempt to sell a block as agent but may position and resell a portion of the block as principal to facilitate the transaction;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">through one or more underwriters on a firm commitment or best-efforts basis;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">directly to one or more purchasers;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">through agents;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">in options transactions;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">over the Internet;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">any other method permitted pursuant to applicable law; or</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">in any combination of the above.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">In effecting sales, brokers or dealers engaged by us may arrange for other brokers or dealers to participate. Broker-dealer transactions may include:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:3.33pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:5pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; color:#000cb2; ">
      &#149;</FONT></P></TD>
    <TD width="3"><p style="font-size:0.2mm">&nbsp;</P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">
      purchases of the securities by a broker-dealer as principal and resales of the securities by the broker-dealer for its account pursuant to this prospectus;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:5pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">ordinary brokerage transactions; or</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:5pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; color:#000cb2; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">transactions in which the broker-dealer solicits purchasers.</FONT></P>
    <P style="text-indent:14.1mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">In addition, we may sell any securities covered by this prospectus in private transactions or under Rule 144 of the Securities Act of 1933, as amended, rather than pursuant to this prospectus.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">19</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">In connection with the sale of securities covered by this prospectus, broker-dealers may receive commissions or other compensation from us in the form of commissions, discounts or concessions. Broker-dealers may also receive compensation from purchasers of the securities for whom they act as
  agents or to whom they sell as principals or both. Compensation as to a particular broker-dealer may be in excess of customary commissions or in amounts to be negotiated. In connection with any underwritten offering, underwriters may receive compensation in the form of discounts, concessions or
  commissions from us or from purchasers of the securities for whom they act as agents. Underwriters may sell the securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the
  purchasers for whom they may act as agents. We and any underwriters, broker-dealers or agents that participate in the distribution of the securities may be deemed to be &#147;underwriters&#148; within the meaning of the Securities Act of 1933, as amended, and any profit on the sale of the securities by them and
  any discounts, commissions or concessions received by any of those underwriters, broker-dealers or agents may be deemed to be underwriting discounts and commissions under the Securities Act of 1933, as amended.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">In connection with the distribution of the securities covered by this prospectus or otherwise, we may enter into hedging transactions with broker-dealers or other financial institutions. In connection with such transactions, broker-dealers or other financial institutions may engage in short sales of our
  securities in the course of hedging the positions they assume with us. We may also sell securities short and deliver the securities offered by this prospectus to close out our short positions. We may also enter into option or other transactions with broker-dealers or other financial institutions, which require
  the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to this prospectus, as supplemented or amended to reflect such transaction. We may also from time to time pledge
  our securities pursuant to the margin provisions of our customer agreements with our brokers. Upon our default, the broker may offer and sell such pledged securities from time to time pursuant to this prospectus, as supplemented or amended to reflect such transaction.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">At any time a particular offer of the securities covered by this prospectus is made, a revised prospectus or prospectus supplement, if required, will be distributed which will set forth the aggregate amount of securities covered by this prospectus being offered and the terms of the offering, including the
  expected issue price or method of determining the price, the time period during which the offer will be open and whether the purchase period may be extended or shortened, the method and time limits for paying up and delivering securities, name or names of any underwriters, dealers, brokers or agents,
  any discounts, commissions, concessions and other items constituting compensation from us and any discounts, commissions or concessions allowed or reallowed or paid to dealers. Such prospectus supplement, and, if necessary, a post-effective amendment to the registration statement of which this
  prospectus is a part, will be filed with the SEC to reflect the disclosure of additional information with respect to the distribution of the securities covered by this prospectus. In order to comply with the securities laws of certain states, if applicable, the securities sold under this prospectus may only be sold
  through registered or licensed broker-dealers. In addition, in some states the securities may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from registration or qualification requirements is available and is complied with.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">In connection with an underwritten offering, we would execute an underwriting agreement with an underwriter or underwriters. Unless otherwise indicated in the revised prospectus or applicable prospectus supplement, such underwriting agreement would provide that the obligations of the underwriter
  or underwriters are subject to certain conditions precedent and that the underwriter or underwriters with respect to a sale of the covered securities will be obligated to purchase all of the covered securities if any such securities are purchased. We may grant to the underwriter or underwriters an option to
  purchase additional securities at the public offering price, as may be set forth in the revised prospectus or applicable prospectus supplement. If we grant any such option, the terms of the option will be set forth in the revised prospectus or applicable prospectus supplement.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Pursuant to a requirement by the Financial Industry Regulatory Authority, or &#147;FINRA,&#148; the maximum commission or discount to be received by any FINRA member or independent broker-</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">20</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">dealer may not be greater than 8% of the gross proceeds received by us for the sale of any securities being registered pursuant to SEC Rule 415 under the Securities Act.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">Underwriters, agents, brokers or dealers may be entitled, pursuant to relevant agreements entered into with us, to indemnification by us against certain civil liabilities, including liabilities under the Securities Act of 1933, as amended, that may arise from any untrue statement or alleged untrue
  statement of a material fact, or any omission or alleged omission to state a material fact in this prospectus, any supplement or amendment hereto, or in the registration statement of which this prospectus forms a part, or to contribution with respect to payments which the underwriters, agents, brokers or
  dealers may be required to make.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">We will bear all costs relating to all of the securities being registered under the registration statement of which this prospectus is a part.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_legal1>LEGAL MATTERS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The validity of the securities that may be offered by this prospectus and certain other matters relating to Marshall Islands law will be passed upon for us by Cozen O&#146;Connor, New York, New York. Certain other legal matters relating to United States law will be passed upon for us by Cravath,
  Swaine &amp; Moore LLP, New York, New York.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B><a name=c65125_experts1>EXPERTS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">The consolidated financial statements incorporated in this Prospectus by reference from the Company&#146;s Annual Report on Form 20-F for the year ended December 31, 2008 have been audited by Deloitte, Hadjipavlou, Sofianos &amp; Cambanis S.A., an independent registered public accounting firm, as
  stated in their report which is incorporated herein by reference. Such financial statements have been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; ">21</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P style="text-indent:12.7mm; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="PANTONE_288_CVC" align="center" style="width:100%; height:3.00pt;;"><hr noshade="noshade" color="PANTONE_288_CVC" align="center" style="width:100%; height:1.00pt;margin-top:-8pt;"></FONT></P>
<P align="center" style="margin:3.5mm 0 0; "><FONT STYLE="font-size: 6.6mm; color: #000cb2"><B><I>5,000,000 Shares</I></B></FONT></P>
<P style="margin:10.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><p align="center"><img src="safexbulkersxlogo.jpg" style="margin:0 0 0 0; border:   ;"></p></FONT></P>
<P align="center" style="margin:11.9mm 0 0; "><FONT STYLE="font-size: 8.7mm; color: #000cb2"><B><I>Safe Bulkers, Inc.<br></FONT><FONT STYLE="font-size: 5.2mm">COMMON
STOCK</I></B></FONT></P>
<P style="text-indent:12.7mm; margin:2.1mm 0 0; "><hr noshade="noshade" color="#000cb2" align="center" style="width:16.33pc; height:0.50pt;;"></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT STYLE="font-size: 4.2mm; color: #000cb2"><B><I>PROSPECTUS SUPPLEMENT</I></B></FONT></P>
<P style="text-indent:12.7mm; margin:4.9mm 0 0; "><hr noshade="noshade" color="#000cb2" align="center" style="width:16.33pc; height:0.50pt;;"></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT STYLE="font-size: 6mm; color: #000cb2"><B><I>Morgan Stanley</I></B></FONT></P>
<P align="center" style="margin:4.9mm 0 0; "><FONT STYLE="font-size: 6mm; color: #000cb2"><B><I>BofA Merrill Lynch</I></B></FONT></P>
<P align="center" style="margin:4.9mm 0 0; "><FONT STYLE="font-size: 6mm; color: #000cb2"><B><I>Evercore Partners</I></B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><B>April 12, 2011</B></FONT></P>
<P style="text-indent:12.7mm; margin:8.4mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; color:#000cb2; "><hr noshade="noshade" color="PANTONE_288_CVC" align="center" style="width:100%; height:1.00pt;;"><hr noshade="noshade" color="PANTONE_288_CVC" align="center" style="width:100%; height:3.00pt;margin-top:-8pt;"></FONT></P>
<p><hr color=#000000 noshade></p>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>safexbulkersxlogo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 safexbulkersxlogo.jpg
M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``\`+P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BBB@`HH
MHH`***BN+B&TMI+BXE6*&-2SNYP%`II7T0-V):X_XIRR0?#36Y89'CD6),,C
M$$?O%[BN?N?C)"ES(EOHK2PAB$D>YV%AZXV''YUE>*/'G_"6?#_Q):_V;]E\
MJU23=Y^_/[U!C&T>M>KA\MQ-.K"I.%E==5W7F<:QM";Y(RU^9G?L^7UW=W^N
MBYNIY@L4.T22%L<OTS7NU?)?PY^(7_"`7&H2_P!E_;_M:(N/M'E;-I)_NMGK
M7?\`_#1W_4J?^5'_`.U5VYGEF)K8F4Z4+Q=NJ[>IM"<5&S/=:*\*_P"&CO\`
MJ5/_`"H__:J/^&CO^I4_\J/_`-JK@_L;'?R?BO\`,OVD>Y[K17A7_#1W_4J?
M^5'_`.U5ZQX-\2?\);X4LM<^R?9/M7F?N?,\S;M=D^]@9SMST[USXC+\3AH\
M]6-EMNOT8U-/8W:***XR@HHHH`****`"BBB@`HHHH`****`"BBB@`KR[XPW]
MS''IUBDI6VF#O(@_B*D8S],FO4:\Y^)WAW5M<N=-;3;)[A8DD#E648R5QU/M
M7H97*$<5%S:2UW]#CQZD\/)1W_X)4\"_#_2-0\/1:EJL1NI+G+(@D9!&H)'\
M)&2<5U:_#_PNEG=VBZ9B"[C$4Z_:)?G4,&QG=D<@=*\E7P1XP10JZ;<JHZ`3
M*!_Z%2_\(5XR_P"@?=?]_E_^*KV*]!U9N7UJR;VOMVZGG4:WLHI*AJNMO^`>
MB?\`"F_`/_0!_P#)R?\`^+H_X4WX!_Z`/_DY/_\`%UY)JMEK&B72VVHB>WF9
M!(%:3.5)(SP?4&OH+PR2WA31R2238PDD]_D%<>-CB<-",U7<D_-_YG=A<4J\
MG%PLU_78YC_A3?@'_H`_^3D__P`71_PIOP#_`-`'_P`G)_\`XNN[HKS?KV*_
MY^2^]G;RQ['SE\:/!/A[PE9Z1)H>G_96N))5E/G2/N`"X^\QQU/2O4O@W_R2
MC1?^V_\`Z/DKC/VB_P#D'Z!_UUF_DE=G\&_^24:+_P!M_P#T?)7JXJI.IE5.
M4W=\W7_MXB*M4=CNZ***\`U"BBB@`HHHH`****`"BBB@`HKE=4^(7A_2=0EL
M;B>9IXCMD$<1(4^F:K1_%'PS)(J&>X0,<;FA.!]<5U+!8F2YE!V]#!XJ@G9S
M7WG9USFL>,+329VB\OSM@^=P^%7GG/!X'?W(')/&[</']CE=YO+B\LLTJMC:
MN.2#]*X+2%\&^*-1:WLWNC/&#*$D)4$#@8!ZXSG'N2<\U6%I0E>=1-Q78C$5
M)JT:;2;[EG_A9=L)`&TZ1%4&29FE`\E/X=W'WCV7Z?AG_P#"XK#_`*!-S_W\
M6K/B+PQX2T'1XGU+[<+9KC!\N0LSR$$[F]>`1[?B<\K_`,6T_P"HI^M>I0H8
M*I'F5*37E?\`S."K6Q4'RN<4_E_D=!_PN*P_Z!-S_P!_%H_X7%8?]`FY_P"_
MBUB&W^&XM1<_\3/RRYCZG.0`?ZU%_P`6T_ZBGZULL)@W_P`N9_C_`)F?UC$_
M\_(_A_D8NK:AJ7CWQ4AAM\RR?NH(E_@0$GD_B2371W'QJT3PMY&A0VDVIBP@
MCMWNH'"QNZJ`=N>HR.M:,3>!]-\#:KJENVHP:?)(+6XGCR)^=ORJ>H!W#.*\
M[_XLM_U'/UK5^QQ'N2I2Y(:))=?/7\/F=6$HR@G4<DY2.M_X:)TK_H`WG_?Y
M:/\`AHG2O^@#>?\`?Y:QM*T'X0:Q::A/:RZIFPMVN9HW=E<QCJ5&.>H_.MOP
MK\-OAOXQTR74-)34V@CF,#&68J=P56/'T85C4HY=33<Z4E;U_P`SM3F^IY=X
MX\:ZG\1O$,"PV\BVZMY=E9)\S9;&2<=6/'Z"OI'X?:!=>&/`NEZ1>LAN8$=I
M-AR`7=GQ^&['X5QUEI7P^^&_CO3["."\.M7JHML\F953S',8(/8D@@GT^M=?
MH7C[0_$7B*]T.P><WMFKM*'BVKA'"'![\D5SYC6=:C&EAZ;5..NWR_KNQP5G
M=O4ZBBFRR+%$\C?=12Q^@KF_"?CS1/&:WK:3),19[#,9H]F-V['_`*":\6-*
M<HN:6BW^9I<Z:BN(/Q7\,2:Y_8]C)=ZC=[]@%E;F16/?![@>O3WJ/6OBYX7T
M#5[C2]0>\2ZMR!(JP;@"0#U!]ZW6"Q#?*H.^^W07,NYW=%>:_P#"]?!?_/6^
M_P#`8_XUH:S\6_"V@WXLKV2[$QBCE^2`L-KJ&'?T(I_4,4GR^S=_0.>/<[JB
MO-?^%Z^"L_ZZ^_\``8_XUOZQ\1O#.B:)8:O<WQ>UOP3:F*-F:0#&>.V,C.<4
MI8+$Q:3@[O;0.9=SJZ*\U_X7KX+_`.>M]_X#'_&NR\.>*-)\5:4-2TJY\V#>
M8VW*59&&"00>^"#^-35PE>E'FJ0:7H-23V/,9=*UB7QCK%WX?AT[55EE9FWR
M12;`S9P5<\'((_"JGB&'Q!86<-QK_AW3%M/."KL5$RQ!.,Q.&Z`^U:?B/PE8
M6GB"Z-O/=Q"5O,*I(``6YP..G-4;/PG9WM];V\]W>M&\@!!D'^%?4T]5&;M:
MRZ:[=^;]#YN>CE'6]^^F_:QN?$;Q.EOH%GHMD=CW4*23*&R4BQPN??\`D/>N
M*FU#3-%O-(O_``]<2M=6R#[3YB%0[]R/8@D8]`*[WPYX>L+SQ?=7MXK7+JC;
M8YL,BX(4#!'9>!FNOU'PWHUUIMS`^F6J!XV&Z.%59>.H('!KACBJ.$Y:'*W?
M5^=^_<ZW0JXB]6Z7;RL<9\2-3M]9^'VF:A:G,4]VC`=U.R3(/N#D57\,2ZO.
MNDV\W@^P:P9(D:[:V!9H\#YR?4CFL]=$A;PQ+IK7%P;9;R.906&5;8X...A_
MI7JNAPK;Z!IL*$E8[6)`3UP%`K/$RCA</[**OJ]_^`50B\16]HW;1'G'Q;LK
M6RL=*6UMH8%:20L(HPN>%ZXK4T6S\6/?68U#1-'6P)'FNL:;MN.O7K5KXCZ5
M!JEOIZSO(H1W(V$#J!Z@UPO_``CL'_/[??\`?T?X5MA8.M@X1OKKNK]>FJ,Z
M\O98F3]-G;IZ,ZOXS6\-M\+-02"&.)3-"2J*%&?,7GBN"\'6GQ!D\):>^D>'
MM`N;`H?)FN8XS(PW'.XE@>N:Z>\T"VG^&&JV,EQ<M')=QL6+@L,%>AQ[5YXG
M@VTC0(FH:DJCH%F``_\`':WPE"U"5&Z=I;M7Z+S1Z,*G/%3M:Z(M-6:+Q#XY
M368H[75?[*N1Y%LJB(-\I8#!].F/?\?3?V?/^1"OO^PI)_Z*BJ'X;_#K1!9Z
MI>2O=SS7<,EDYDD!Q&Z_,1@#D^IS7!3^!;"QN[BW@O\`4DC25E`$RC.#C)PO
M7BKKQCBE/#IVMR]/+M<M>[9G3?$W_DO?@[_MR_\`2IZK_"3_`)+5XH_ZY7?_
M`*41TO@/P)IDWC.RNY[F^FDM#]HC$DJD;D(*Y^7.`>:Q]8\&6)\1:G<+=WT<
MDEU*S&.11U<G'W>E-4HN#PM_LI7MY^H7UYCZ,O\`_D'W/_7)OY&OC/3KK68-
M#U..R>Y32I7A74&A7@_?V!CZ'+\=#W[5W^G>$K9-3M&_M'4FQ,APTX(/S#KQ
M7?\`P@\-6&EPZ["F^>*Y$*RI<;64@>9QC`XY/6L:-..6T:DG[_P]+=?F-OG:
M-/X3Q>"UT'?X6(:Y*@7;3X^TY_VQV&>F/EKROQ!'JLO[0-\FBVEK=ZB93Y4-
MT`8V_P!'^;()`X7)^H%=#XF\#Z=X6\9+>:!=7VFR&,3*+>480DD$#(/R\=#D
M?A6'KGAZ#7->GUBZNKI+R?:SM"RJ,A0N1\O&<56%HI5I5E)M3B]]7TWUU02>
MENQZGX+TKQ#-->#Q?X>T.",*OV<VT$9)/.[."?:O,?',MU9_'L2:=I<>HW$:
M1>59,/ED_<XQCV'/X5G?\(A;?]!+4_\`O^/_`(FN\LO#EH/BGHNI>;<&>*U@
M4`L,'%N%YXS^M)4?J]2=5N]XRT2LNGFPO=6.#\4>,M2\2I-X3;PAI^GZB\RI
MB-`DJNISM&<=>GOGWK9\8>%-1A\)^!=&$U@-<LO,SI\US&K2&612H7<0K<K@
MC//;->A_%/P7HVO:,=3N8GCOK8J$GA(5F4L!M;@Y'/'I^=<3K'AR+Q'X1L;[
M4[^^FO-.F-K#/O4.T9`8;CMY(/0]?7-/#UHU(4ITERI-W6^MFN^WW`U:]RK<
M:+\3S;2B;P;H(BV'>1;V@(&.>0V1^%7_`(6^(=!C\*S)/I,-K*+M\K!+,5?Y
M4^;YF8@]NO:N3_X1"V(P=2U/_O\`C_XFO9?AYX,T?1_"4*11R3&X=IW:=@2&
9.%P,`<844L<XTL.^?JU\*:^_5A'5Z'__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
