<SEC-DOCUMENT>0001317861-18-000045.txt : 20181108
<SEC-HEADER>0001317861-18-000045.hdr.sgml : 20181108
<ACCEPTANCE-DATETIME>20181108160728
ACCESSION NUMBER:		0001317861-18-000045
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181108
FILED AS OF DATE:		20181108
DATE AS OF CHANGE:		20181108

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34077
		FILM NUMBER:		181169725

	BUSINESS ADDRESS:	
		STREET 1:		APT. D11, LES ACANTHES
		STREET 2:		6, AVENUE DES CITRONNIERS
		CITY:			MONACO
		STATE:			O9
		ZIP:			MC98000
		BUSINESS PHONE:		011-30-2-111-888-400

	MAIL ADDRESS:	
		STREET 1:		APT. D11, LES ACANTHES
		STREET 2:		6, AVENUE DES CITRONNIERS
		CITY:			MONACO
		STATE:			O9
		ZIP:			MC98000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f110818sb6k.htm
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<META NAME="date" CONTENT="11/08/2018">
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<P style="line-height:normal; margin-top:3.75pt; margin-bottom:3.75pt; font-size:13.5pt" align=center><B>UNITED STATES <BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<SMALL>Washington, D.C. 20549 </SMALL></B></P>
<P style="line-height:22.7pt; margin-top:3.75pt; margin-bottom:3.75pt; font-size:18pt" align=center><B>FORM 6-K </B></P>
<P style="line-height:13.5pt; margin-top:3.75pt; margin-bottom:3.75pt" align=center><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR<BR>
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P style="line-height:13.5pt; margin-top:3.75pt; margin-bottom:3.75pt" align=center><B>For the month of November 2018</B></P>
<P style="line-height:normal; margin-top:4.15pt; margin-bottom:4.15pt; font-size:18pt" align=center><B>SAFE BULKERS, INC.<BR>
</B><SMALL>(Translation of registrant&#146;s name into English)</SMALL></P>
<P style="line-height:15.8pt; margin-top:5pt; margin-bottom:5pt; font-size:12pt" align=center><B>Apt. D11, Les Acanthes 6, Avenue des Citronniers, MC98000 Monaco<BR>
</B>(Address of principal executive office) </P>
<P style="line-height:15.8pt; margin-top:5pt; margin-bottom:5pt; font-size:12pt" align=justify>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
<P style="line-height:normal; margin-top:5pt; margin-bottom:5pt; font-size:12pt" align=justify>Form 20-F&nbsp;&nbsp;<FONT FACE="Wingdings">x</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F&nbsp;&nbsp; o </P>
<P style="line-height:15.8pt; margin-top:5pt; margin-bottom:5pt; font-size:12pt" align=justify>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </P>
<P style="line-height:15.8pt; margin-top:5pt; margin-bottom:5pt; font-size:12pt" align=justify>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </P>
<P style="line-height:15.8pt; margin-top:5pt; margin-bottom:5pt; font-size:12pt" align=justify>Indicate by check mark whether the registrant by furnishing the information contained in the Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P style="line-height:normal; margin-top:4.15pt; margin-bottom:4.15pt; font-family:Calibri; font-size:11pt" align=justify><FONT FACE="Calibri">Yes&nbsp;&nbsp; </FONT><FONT FACE="Times New Roman">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No &nbsp;&nbsp;<FONT FACE="Wingdings">x</FONT></P>
<P style="line-height:15.8pt; margin-top:5pt; margin-bottom:5pt; font-size:12pt" align=justify><FONT FACE="Times New Roman">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):</FONT></P>
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<P style="line-height:15.8pt; margin-top:0pt; margin-bottom:10pt; font-size:12pt" align=center><B>EXHIBIT INDEX</B></P>
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<P style="line-height:15.8pt; margin-top:0pt; margin-bottom:10pt; font-size:12pt">1. &nbsp;Press Release dated November 7, 2018: Safe Bulkers, Inc. Reports Third Quarter and Nine Months 2018 Results.</P>
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<BR></P>
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<P style="line-height:15.8pt; margin-top:0pt; margin-bottom:10pt; font-size:12pt" align=center><B>SIGNATURES</B></P>
<P style="line-height:15.8pt; margin-top:5pt; margin-bottom:5pt; text-indent:36pt; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </P>
<P style="margin:5pt" align=justify><BR></P>
<P style="line-height:15.8pt; margin-top:5pt; margin-bottom:5pt; font-size:12pt">Date: November 8, 2018</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=305.2></TD><TD width=41.55></TD><TD width=165.25></TD></TR>
<TR><TD valign=bottom width=406.933><P style="margin-top:0pt; margin-bottom:10pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=bottom width=275.733 colspan=2><P style="line-height:15.8pt; margin-top:0pt; margin-bottom:10pt; font-size:12pt">SAFE BULKERS, INC.</P>
</TD></TR>
<TR><TD width=682.667 colspan=3><P style="line-height:15.8pt; margin-top:0pt; margin-bottom:10pt; font-size:12pt">&nbsp;&nbsp;</P>
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<TR><TD width=682.667 colspan=3><P style="line-height:15.8pt; margin-top:0pt; margin-bottom:10pt; font-size:12pt">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=406.933><P style="margin-top:0pt; margin-bottom:10pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=bottom width=55.4><P style="line-height:15.8pt; margin-top:0pt; margin-bottom:10pt; font-size:12pt">By: </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=220.333><P style="line-height:15.8pt; margin-top:0pt; margin-bottom:10pt; font-size:12pt">/s/ Konstantinos Adamopoulos</P>
</TD></TR>
<TR><TD valign=bottom width=406.933><P style="margin-top:0pt; margin-bottom:10pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=bottom width=55.4><P style="line-height:15.8pt; margin-top:0pt; margin-bottom:10pt; font-size:12pt">Name: </P>
</TD><TD valign=bottom width=220.333><P style="line-height:15.8pt; margin-top:0pt; margin-bottom:10pt; font-size:12pt">Konstantinos Adamopoulos</P>
</TD></TR>
<TR><TD valign=bottom width=406.933><P style="margin-top:0pt; margin-bottom:10pt; font-size:12pt">&nbsp;</P>
</TD><TD valign=bottom width=55.4><P style="line-height:15.8pt; margin-top:0pt; margin-bottom:10pt; font-size:12pt">Title: </P>
</TD><TD valign=bottom width=220.333><P style="line-height:15.8pt; margin-top:0pt; margin-bottom:10pt; font-size:12pt">Chief Financial Officer</P>
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<P style="margin-top:0pt; margin-bottom:4.15pt; text-indent:28pt" align=center><img src="f110818sb6k001.jpg" alt="[f110818sb6k001.jpg]" align=middle height=66.067 width=258.733><A NAME="Summary_of_Results_and_Company_Informati"></A></P>
<P style="margin-top:0pt; margin-bottom:4.15pt" align=center><BR></P>
<P style="line-height:15.2pt; margin-top:4.6pt; margin-bottom:4.6pt; text-indent:28pt; font-size:11pt" align=center><B>Safe Bulkers, Inc. Reports Third Quarter and Nine Months 2018 Results</B></P>
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<P style="line-height:15.2pt; margin-top:4.6pt; margin-bottom:0pt; font-size:11pt" align=justify><B>Monaco &#150; November 7, 2018</B> -- Safe Bulkers, Inc. (the &#147;Company&#148;) (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three and nine months period ended September 30, 2018.</P>
<P style="margin-top:4.6pt; margin-bottom:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin-top:4.6pt; margin-bottom:0pt; font-size:11pt" align=justify><B>Summary of Third Quarter 2018 Results</B></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; font-size:11pt" align=justify>&#8226; </P>
<P style="line-height:15.2pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Net revenues for the third quarter of 2018 increased by 34% to $50.1 million from $37.3 million during the same period in 2017.</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; font-size:11pt" align=justify>&#8226; </P>
<P style="line-height:15.2pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Net income for the third quarter of 2018 increased by 21% to $8.1 million from $6.7 million, during the same period in 2017. Adjusted net income<SUP>1</SUP> for the third quarter of 2018 was $8.2 million as compared to adjusted net loss of $1.8 million, during the same period in 2017.</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; font-size:11pt" align=justify>&#8226; </P>
<P style="line-height:15.2pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>EBITDA<SUP>2</SUP> for the third quarter of 2018 was $27.5 million as compared to $27.4 million during the same period in 2017. Adjusted EBITDA<SUP>3</SUP> for the third quarter of 2018 increased by 47% to $27.7 million from $18.9 million during the same period in 2017.</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; font-size:11pt" align=justify>&#8226; </P>
<P style="line-height:15.2pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Earnings per share<SUP> </SUP>and Adjusted earnings per share<SUP>4</SUP> for the third quarter of 2018 were $0.05 and $0.05 respectively, calculated on a weighted average number of 101,559,492 shares, compared to Earnings per share of $0.04 and Adjusted loss per share of $0.05 during the same period in 2017, calculated on a weighted average number of 101,521,234 shares.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify><B>Summary of Nine-Months Ended September 30, 2018 Results</B></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; font-size:11pt" align=justify>&#8226; </P>
<P style="line-height:15.2pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Net revenues for the nine months of 2018 increased by 33% to $140.6 million from $105.7 million during the same period in 2017.</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; font-size:11pt" align=justify>&#8226; </P>
<P style="line-height:15.2pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Net income for the nine months of 2018 increased to $18.1 million from $1.9 million, during the same period in 2017. Adjusted net income for the nine months of 2018 was $18.7 million as compared to adjusted net loss of $7.1 million, during the same period in 2017.</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; font-size:11pt" align=justify>&#8226; </P>
<P style="line-height:15.2pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>EBITDA for the nine months of 2018 increased by 23% to $73.4 million as compared to $59.8 million during the same period in 2017. Adjusted EBITDA for the nine months of 2018 increased by 45% to $73.9 million as compared to $50.8 million during the same period in 2017.</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; font-size:11pt" align=justify>&#8226; </P>
<P style="line-height:15.2pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Earnings per share and Adjusted earnings per share for the nine months of 2018 were $0.09 and $0.10, respectively, calculated on a weighted average number of 101,550,099 shares, as compared to Loss per share and Adjusted Loss per share of $0.10 and $0.19 respectively, during the same period in 2017, calculated on a weighted average number of 100,731,192 shares.</P>
<P style="margin:0pt"><BR></P>
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<P style="line-height:9.2pt; margin:0pt; font-size:6pt" align=justify><SUP>1</SUP> Adjusted Net income/(loss) is a non-GAAP measure. Adjusted Net income/(loss) represents Net income/(loss) before loss on sale of assets, gain/(loss) on derivatives, early redelivery cost, other operating expense and gain/(loss) on foreign currency. See Table 1.</P>
<P style="line-height:9.2pt; margin:0pt; font-size:6pt" align=justify><SUP>2</SUP> EBITDA is a non-GAAP measure and represents Net income/(loss) plus net interest expense, tax, depreciation and amortization. See Table 1.</P>
<P style="line-height:9.2pt; margin:0pt; font-size:6pt" align=justify><SUP>3</SUP> Adjusted EBITDA is a non-GAAP measure and represents EBITDA before loss on sale of assets, gain/(loss) on derivatives, early redelivery cost, other operating expense and gain/(loss) on foreign currency. See Table 1.</P>
<P style="line-height:9.2pt; margin:0pt; font-size:6pt" align=justify><SUP>4</SUP> Adjusted Earnings/(loss) per share is a non-GAAP measure and represents Adjusted Net income/(loss) less preferred dividend and preferred deemed dividend divided by the weighted average number of shares. See Table 1.</P>
<P style="line-height:15.2pt; margin-top:16.5pt; margin-bottom:0pt; font-size:11pt" align=justify><B>Fleet and Employment Profile</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>In August 2018, the Company acquired a second hand, Japanese, 181,400 dwt, Capesize class dry-bulk vessel the <I>Mount Troodos</I>, built in 2009, at what we consider an attractive price. The acquisition was financed from cash on hand and subsequent to quarter end with a new loan facility (see section &#145;Update on credit facilities&#146;). Following delivery the vessel was placed into dry docking upon completion of which in early October, the vessel commenced spot employment at a gross daily charter rate of $18,000.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>As of October&nbsp;31, 2018, our operational fleet comprised of 41 drybulk vessels, 11 of which eco-design, with an average age of 8.2 years and an aggregate carrying capacity of 3.8 million dwt. Our fleet consists of 14 Panamax class vessels, 10 Kamsarmax class vessels, 13 post- Panamax class vessels and 4 Capesize class vessels, all built from 2003 onwards.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:6.4pt; font-size:11pt" align=justify>Set out below is a table showing the Company&#146;s vessels and their contracted employment as of October&nbsp;31, 2018:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=94></TD><TD width=47></TD><TD width=46></TD><TD width=63></TD><TD width=74></TD><TD width=94></TD><TD width=94></TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>Vessel Name</B></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>DWT</B></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>Year Built</B></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>Country of construction</B></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>Gross Charter Rate &nbsp;[USD/day]<SUP>1</SUP></B></P>
</TD><TD style="border:1pt solid #000000" width=250.667 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>Charter Duration<SUP>2</SUP></B></P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=682.667 colspan=7><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>Panamax</B></P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Maria</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>76,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2003</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$13,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>August 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>December 2018</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Koulitsa</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>76,900</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2003</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$15,250</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>September 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>December 2018</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Paraskevi</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>74,300</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2003</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$13,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>August 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2018</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Vassos</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>76,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2004</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$13,550</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>October 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>February 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Katerina</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>76,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2004</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$9,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>May 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>April 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Maritsa</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>76,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2005</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$10,100</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>September 2017</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2018</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Efrossini</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>75,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2012</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Zoe</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>75,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2013</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$8,200</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2017</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>February 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Kypros Land</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>77,100</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2014</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$14,850</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>October 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2018</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Kypros Sea</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>77,100</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2014</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$13,900</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>August 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>February 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Kypros Bravery</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>78,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2015</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$14,200</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>September 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>May 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Kypros Sky</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>77,100</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2015</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$16,550</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>October 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>January 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Kypros Loyalty</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>78,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2015</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$12,850</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>January 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>March 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Kypros Spirit</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>78,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2016</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$14,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>June 2018</P>
</TD><TD style="border:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November &nbsp;2018</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=682.667 colspan=7><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>Kamsarmax</B></P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Pedhoulas Merchant</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>82,300</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2006</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$14,500</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>April 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>May 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Pedhoulas Trader</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>82,300</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2006</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$14,125</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>September 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>January 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Pedhoulas Leader</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>82,300</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2007</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$12,500</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>August 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2018</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Pedhoulas Commander</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>83,700</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2008</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$14,150</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>June 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>July 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Pedhoulas Builder</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>81,600</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2012</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>China</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$9,900</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>June 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>August 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Pedhoulas Fighter</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>81,600</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2012</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>China</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$13,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>July 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>January 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Pedhoulas Farmer <SUP>3</SUP></I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>81,600</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2012</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>China</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$15,300</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>September 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>December 2018</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Pedhoulas Cherry</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>82,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2015</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>China</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$15,250</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>January 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Pedhoulas Rose <SUP>3</SUP></I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>82,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2017</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>China</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$10,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>March 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>May 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Pedhoulas Cedrus</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>81,800</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$15,500</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>June 2018</P>
</TD><TD style="border:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>July 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=682.667 colspan=7><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>Post-Panamax</B></P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Marina</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>87,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2006</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$15,000</P>
<P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$14,500</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>October 2018</P>
<P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2018</P>
<P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>July 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Xenia</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>87,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2006</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$12,500</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>June 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Sophia</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>87,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2007</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$7,250</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>April 2016</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2018</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Eleni</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>87,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2008</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15,833</P>
<P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$14,950</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>October 2018</P>
<P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>December 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2018</P>
<P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>June 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Martine</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>87,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2009</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$16,900</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>October 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2018</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Andreas K</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>92,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2009</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>South Korea</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$13,400</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>September 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2018</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Panayiota K</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>92,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2010</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>South Korea</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$13,750</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>August 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>May 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Agios Spyridonas</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>92,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2010</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>South Korea</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$13,150</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>September 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>December 2018</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Venus Heritage</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>95,800</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2010</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$13,200</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2017</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>August 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Venus History</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>95,800</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2011</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$14,750</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>January 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>June 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Venus Horizon</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>95,800</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2012</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$13,950</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>January 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>March 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Troodos Sun</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>85,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2016</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$15,950</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>March 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>June 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Troodos Air</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>85,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2016</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$12,500</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>May 2018</P>
</TD><TD style="border:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>September 2019</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=682.667 colspan=7><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>Capesize</B></P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">Mount Troodos</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>181,400</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2009</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>$18,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>October 2018</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>November 2018</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Kanaris</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>178,100</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2010</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>China</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25,928</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>September 2011</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>June 2031</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Pelopidas</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>176,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2011</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>China</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38,000</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>January 2012</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>January 2022</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><I>Lake Despina</I></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>181,400</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=61.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>2014</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=84><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>Japan</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=98.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24,376<FONT FACE="Cambria Math">&#8308;</FONT></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>January 2014</P>
</TD><TD style="border:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center>January 2024</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=125.333><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><B>Total dwt of existing fleet</B></P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=62.667><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>3,777,000</B></P>
</TD><TD style="border-left:1pt solid #000000; border-right:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=494.667 colspan=5><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:2pt; margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:45pt; text-indent:-18pt; font-size:8pt" align=justify>1.</P>
<P style="line-height:11.6pt; margin:0pt; padding-left:45pt; font-size:8pt" align=justify>Charter rate is the recognized gross daily charter rate. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rate represents the weighted average gross daily charter rate over the duration of the applicable charter period or series of charter periods, as applicable. </P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:45pt; text-indent:-18pt; font-size:8pt" align=justify>2.</P>
<P style="line-height:11.6pt; margin:0pt; padding-left:45pt; font-size:8pt" align=justify>The start date represents either the actual start date or, in the case of a contracted charter that had not commenced as of October&nbsp;31, 2018, the scheduled start date. &nbsp;The actual start date and redelivery date may differ from the referenced scheduled start and redelivery dates depending on the terms of the charter and market conditions and does not reflect the options to extend the period time charter.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:45pt; text-indent:-18pt; font-size:8pt" align=justify>3.</P>
<P style="line-height:11.6pt; margin:0pt; padding-left:45pt; font-size:8pt" align=justify>Vessel sold and leased back on a net daily bareboat charter rate of $6,500 for a period of 10 years, with a purchase obligation at the end of the 10th &nbsp;&nbsp;year and purchase options in favor of the Company after the second year of the bareboat charter, at annual intervals and predetermined purchase prices.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:45pt; text-indent:-18pt; font-size:8pt" align=justify>4.</P>
<P style="line-height:11.6pt; margin:0pt; padding-left:45pt; font-size:8pt" align=justify>A period time charter of ten years at a gross daily charter rate of $23,100 for the first two and a half years and of $24,810 for the remaining period. The charter agreement grants the charterer an option to purchase the vessel at any time beginning at the end of the seventh year of the charter, at a price of $39 million less a 1.00% commission, decreasing thereafter on a pro-rated basis by $1.5 million per year. &nbsp;The Company holds a right of first refusal to buy back the vessel in the event that the charterer exercises its option to purchase the vessel and subsequently offers to sell such vessel to a third party. The charter agreement also grants the charterer the option to extend the period 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.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>The contracted employment of fleet ownership days as of October&nbsp;31, 2018 was:</P>
<P style="margin-top:0pt; margin-bottom:6.4pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=104></TD><TD width=54.3></TD><TD width=9.7></TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=138.667><P style="line-height:13pt; margin-top:1.85pt; margin-bottom:1.85pt; font-size:11pt" align=right>2018 (remaining)</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=72.4><P style="line-height:13pt; margin-top:1.85pt; margin-bottom:1.85pt; font-size:11pt" align=right>79</P>
</TD><TD style="border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=12.933><P style="line-height:13pt; margin-top:1.85pt; margin-bottom:1.85pt; font-size:11pt" align=right>%</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=138.667><P style="line-height:13pt; margin-top:1.85pt; margin-bottom:1.85pt; font-size:11pt" align=right>2018 (full year)</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=72.4><P style="line-height:13pt; margin-top:1.85pt; margin-bottom:1.85pt; font-size:11pt" align=right>96</P>
</TD><TD style="border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=12.933><P style="line-height:13pt; margin-top:1.85pt; margin-bottom:1.85pt; font-size:11pt" align=right>%</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=138.667><P style="line-height:13pt; margin-top:1.85pt; margin-bottom:1.85pt; font-size:11pt" align=right>2019</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000" valign=bottom width=72.4><P style="line-height:13pt; margin-top:1.85pt; margin-bottom:1.85pt; font-size:11pt" align=right>28</P>
</TD><TD style="border-top:1pt solid #000000; border-right:1pt solid #000000" valign=bottom width=12.933><P style="line-height:13pt; margin-top:1.85pt; margin-bottom:1.85pt; font-size:11pt" align=right>%</P>
</TD></TR>
<TR><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=138.667><P style="line-height:13pt; margin-top:1.85pt; margin-bottom:1.85pt; font-size:11pt" align=right>2020</P>
</TD><TD style="border-left:1pt solid #000000; border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=72.4><P style="line-height:13pt; margin-top:1.85pt; margin-bottom:1.85pt; font-size:11pt" align=right>7</P>
</TD><TD style="border-top:1pt solid #000000; border-right:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=12.933><P style="line-height:13pt; margin-top:1.85pt; margin-bottom:1.85pt; font-size:11pt" align=right>%</P>
</TD></TR>
</TABLE>
<P style="margin-top:19.25pt; margin-bottom:0pt" align=justify><BR></P>
<P style="margin-top:19.25pt; margin-bottom:0pt" align=justify><BR></P>
<P style="margin-top:19.25pt; margin-bottom:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin-top:19.25pt; margin-bottom:0pt; font-size:11pt" align=justify><B>Liquidity</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>As of October 31, 2018, we had liquidity of $64.0 million consisting of $55.4 million in cash and bank time deposits, $8.6 million in restricted cash. In addition, as of today, we have $36.3 million of incremental borrowing capacity under offer letters which are subject to completion of loan documentation. </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify><B>Update on sale and leaseback transactions</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>In May 2018, we exercised the option under a sale and leaseback agreement to purchase one Kamsarmax class vessel at a predetermined price of $22.7 million. The transaction consummated in August 2018, and the Company financed the acquisition of the vessel through cash on hand. Following the exercise of the purchase option, related deferred finance costs of $0.5 million were written off. This was the third purchase option the Company has exercised out of five sale and lease back arrangements previously entered into by the Company.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt"><B>Update on Dry-docking schedule, Ballast Water Treatment System and Scrubbers installation</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>As of September 30, 2018, the Company has installed Ballast Water Treatment System (&#147;BWTS&#148;) in four vessels. We expect to install BWTS in four additional vessels during their scheduled dry-dockings within the 4<SUP>th</SUP> quarter 2018. The aggregate down time of these dry-dockings is expected to be approximately 90 days out of expected 3,772 ownership days this quarter.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>We have scheduled to install BWTS in one vessel within the first quarter of 2019 and BWTS and Scrubbers in four vessels during the second quarter of 2019, concurrently with scheduled dry-dockings. The anticipated aggregate down time is approximately 20 days for the 1<SUP>st</SUP> quarter 2019 and 140 days for the second quarter 2019. All contracted BWTS are International Maritime Organization (&#147;IMO&#148;) and United States Coast Guard (&#147;USCG &#147;) compliant.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt"><B>Update on credit facilities </B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>In October 2018, the Company signed an amendment to an existing loan facility of $32.0 million initially intended for two vessels, upsizing it to a total of $52.4 million expiring in 2023: i) substituting one vessel by the recently acquired Capesize class vessel and ii) refinancing the existing facility for two other vessels. As a result the new facility will be secured by four vessels, and the balloon payments for the refinanced two vessels will be pushed back by one year from 2022 to 2023.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>In addition, subsequent to September 30, 2018, the Company has accepted offer letters, which are subject to completion of loan documentation, to refinance certain loan and credit facilities as described below:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>The Company agreed to amend an existing loan facility of $90.7 million expiring in 2021 secured by 6 vessels by extending the tenor by 3 years, and pushing back balloon payments to 2024.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>The Company agreed to amend and expand existing loan facilities of $71.3 million expiring in 2022 secured by 5 vessels to a total of $101.3 million secured by 6 vessels, extending the tenor of the initial facilities by two years, and pushing back balloon payments to 2024.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>The Company agreed to refinance an amount of $47.8 million being part of an existing loan facility expiring in 2022 secured by 4 vessels by extending the tenor by 2 years and pushing back balloon payments to 2024.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>The Company agreed to refinance a $50.6 million loan facility secured by 4 vessels, downsizing it to $40.0 million secured by three vessels and extending the tenor by three years and pushing back balloon payments to 2025. Two of the encumbered vessels under the original agreement were released and refinanced by the loan facility of $52.4 million and one unencumbered vessel was added. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>As a result of the above actions, we pushed back $132.4 million balloon payments scheduled in 2021 and 2022 to 2023 and 2025, expanding the average tenor, creating a smoother repayment schedule for the following 5 years, reducing the average margin and maintaining the same covenants of our debt, while as of September 30, 2018, our consolidated leverage<SUP>6</SUP>, representing total consolidated liabilities divided by total consolidated assets, was 55%.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify><B>Dividend Policy</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>The Company has not declared a dividend on the Company&#146;s common stock for the third quarter of 2018. The Company had 101,564,700 shares of common stock issued and outstanding as of October&nbsp;31, 2018.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>The Company declared in October 2018 a cash dividend of $0.50 per share on each of its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares (NYSE: SB.PR.C) and 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares (NYSE: SB.PR.D) for the period from July 30, 2018 to October 29, 2018 payable on October 30, 2018 to the respective shareholders of record as of October 22, 2018.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>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) the Company&#146;s earnings, financial condition and cash requirements and available sources of liquidity; (ii) decisions in relation to the Company&#146;s growth and leverage strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company&#146;s existing and future debt instruments; and (v) global economic and financial conditions.</P>
<P style="line-height:15.2pt; margin-top:16.5pt; margin-bottom:0pt; font-size:11pt" align=justify><B>Management Commentary</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>Dr. Loukas Barmparis, President of the Company, said: &#145;&#145;In the last quarter, we worked extensively in refinancing a large part of our debt maturing in 2021 and 2022 and smoothening the debt profile for the following 5 years, in reducing our break-even point by buying back one more vessel under a sale and lease back agreement, in expanding our fleet by one cape size vessel and in progressing environmental investments including scrubbers and ballast water treatment systems. Our investment in scrubbers for half of our fleet is designed so that we will be aligned timely with the IMO 2020 SOx emissions regulation, being in the forefront of technological developments and offering to our charterers reliable solutions from first class manufacturers ahead of the competition&#148;. &nbsp;&nbsp;</P>
<P style="margin-top:16.5pt; margin-bottom:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:8pt; margin:0pt; font-size:6pt"><SUP>6</SUP> Consolidated leverage is a non-GAAP measure and represents total consolidated liabilities divided by total consolidated assets. Total consolidated assets are based on the market value of all vessels (before BWTS and scrubber installation), owned or leased on a finance lease taking into account their employment, and the book value of all other assets. </P>
<P style="margin-top:16.5pt; margin-bottom:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin-top:16.5pt; margin-bottom:0pt; font-size:11pt" align=justify><B>Conference Call</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>On Thursday, November 8, 2018 at 8:30 A.M. Eastern Time, the Company&#146;s management team will host a conference call to discuss the Company&#146;s financial results.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (877) 553-9962 (US Toll Free Dial In), 0(808) 238- 0669 (UK Toll Free Dial In) or +44 (0) 2071 928592 (Standard International Dial In). Please quote &#147;Safe Bulkers&#148; to the operator.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>A telephonic replay of the conference call will be available until November 15, 2018, by dialing 1(866) 331-1332 (US Toll Free Dial In), 0(808) 238-0667 (UK Toll Free Dial In) or +44 (0) 3333 009785 (Standard International Dial In). Access Code: 1859591#</P>
<P style="line-height:15.2pt; margin-top:16.5pt; margin-bottom:0pt; font-size:11pt" align=justify><B>Slides and Audio Webcast</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>There will also be a live, and then archived, webcast of the conference call, available through the Company&#146;s website (<FONT COLOR=#0000FF><U>www.safebulkers.com</U></FONT>). Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.</P>
<P style="line-height:15.2pt; margin-top:16.5pt; margin-bottom:0pt; font-size:11pt" align=justify><B>Management Discussion of Third Quarter 2018 Results</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>Net income for the third quarter of 2018 increased to $8.1 million compared to net income of $6.7 million during the same period in 2017, mainly due to the following factors:</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify><I>Net revenues:</I> Net revenues increased by 34% to $50.1 million for the third quarter of 2018, compared to $37.3 million for the same period in 2017, mainly as a result of improvement in charter rates and to a lesser extent to an increase in the average number of vessels. The Company operated 40.43 vessels on average during the third quarter of 2018, earning a Time Charter Equivalent (&#147;TCE&#148;) rate, representing charter revenues net of commissions and voyage expenses divided by the number of available days, of $13,265, compared to 38.00 vessels and a TCE rate of $10,419 during the same period in 2017.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin-top:0pt; margin-bottom:2.75pt; padding-right:1.7pt; font-size:11pt" align=justify><I>Vessel operating expenses</I>: Vessel operating expenses increased by 15% to $15.4 million for the third quarter of 2018 compared to $13.4 million for the same period in 2017, mainly as a result of: &nbsp;i)&nbsp; 6% increase in&nbsp; average number of vessels to 40.43 vessels for the third quarter of 2018, compared to 38.00 vessels for the same period in 2017, ii) dry docking expense related to two dry-dockings of $0.3 million for the third quarter of 2018, compared to zero for the same period in 2017 , &nbsp;iii) pre-delivery expenses related to the Mount Troodos acquisition of $0.2 million for the third quarter of 2018, compared to zero for the same period in 2017 and &nbsp;iv) increased maintenance, general stores, and spares. </P>
<P style="line-height:15.2pt; margin-top:0pt; margin-bottom:2.75pt; padding-right:1.7pt; font-size:11pt" align=justify>The Company expenses dry-docking and pre-delivery costs as incurred, which costs may vary from period to period. Vessel operating expenses excluding vessel dry-docking and pre-delivery costs increased by 11% to $14.9 million for the third quarter of 2018, compared to $13.4 million for the same period in 2017.<I> </I>Dry-docking expense is related to the number of dry-dockings in each period and pre-delivery to the number of vessel deliveries and second hand acquisitions in each period. Certain other shipping companies may defer and amortize dry-docking expense. &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify><I>Depreciation:</I> Depreciation decreased by 6% to $12.2 million for the third quarter of 2018, compared to $13.0 million for the same period in 2017, as a result of the lower cost basis of four of our vessels following the impairment recorded during the fourth quarter of 2017, partly offset by the increase in the average number of vessels operated by the Company during the third quarter of 2018.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify><I>Other finance income/(cost): </I>Other finance cost decreased to $0.1 million for the third quarter of 2018, compared to other finance income $8.1 million for the same period in 2017. Other finance income in the third quarter of 2017 was as a result of a discount settlement agreement entered into by the Company with a lender which resulted in a net gain on debt extinguishment of $8.2 million, recognized in September 2017.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify><I>Interest expense</I>: Interest expense increased to $6.8 million in the third quarter of 2018 compared to $6.1 million for the same period in 2017, as a result of the increased USD LIBOR<SUP>7</SUP> affecting the weighted average interest rate of our loans and credit facilities, despite the decrease in our average indebtedness.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify><I>Voyage expenses:</I> Voyage expenses increased to $1.6 million for the third quarter of 2018 compared to $0.9 million for the same period in 2017, mainly as a result of increased vessel repositioning expenses in relation to dry-docking.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify><I>Daily vessel operating expenses<SUP>8</SUP>:</I> Daily vessel operating expenses increased by 8% to $4,151 for the third quarter of 2018 compared to $3,830 for the same period in 2017 due to the increase of vessel operating expenses discussed above. Daily vessel operating expenses excluding dry-docking and pre-delivery expenses increased by 5% to $4,022 for the third quarter of 2018 compared to $3,830 for the same period in 2017.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify><I>Daily general and administrative expenses<SUP>8</SUP></I>: Daily general and administrative expenses, which include management fees payable to our Managers<SUP>9</SUP>, increased by 23% to $1,425 for the third quarter of 2018, compared to $1,163 for the same period in 2017 mainly due to increased management fees charged by our Managers.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:9.2pt; margin:0pt; font-size:6pt" align=justify><SUP>7</SUP> London interbank offered rate.</P>
<P style="line-height:9.2pt; margin:0pt; font-size:6pt" align=justify><SUP>8</SUP> See Table 2.</P>
<P style="line-height:9.2pt; margin:0pt; font-size:6pt" align=justify><SUP>9</SUP> Safety Management Overseas S.A. and Safe Bulkers Management Limited, each of which is a related party that is referred to in this press release as &#147;our Manager&#148; and collectively &#147;our Managers&#146;&#146;.</P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=center><B>Unaudited Interim Financial Information and Other Data<A NAME="Unaudited_Financial_Information"></A></B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; text-indent:28pt; font-size:11pt" align=center><B>SAFE BULKERS, INC.<A NAME="Condensed_Consolidated_Statement_of_Oper"></A></B></P>
<P style="line-height:15.2pt; margin:0pt; text-indent:28pt; font-size:11pt" align=center><B>CONDENSED</B> <B>CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)</B></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:14.65pt; text-indent:28pt; font-size:11pt" align=center><B>(In thousands of U.S. Dollars except for share and per share data)</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=216></TD><TD width=67.15></TD><TD width=3.85></TD><TD width=4></TD><TD width=67.15></TD><TD width=3.85></TD><TD width=4></TD><TD width=67.15></TD><TD width=3.85></TD><TD width=4></TD><TD width=67.15></TD><TD width=3.85></TD></TR>
<TR><TD valign=bottom width=288><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=194.667 colspan=5><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>Three-Months Period Ended<BR>
September 30,</B></P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=194.667 colspan=5><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>Nine-Months Period Ended<BR>
September 30,</B></P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=94.667 colspan=2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>2017</B></P>
</TD><TD style="border-top:1pt solid #000000" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=94.667 colspan=2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>2018</B></P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=94.667 colspan=2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>2017</B></P>
</TD><TD style="border-top:1pt solid #000000" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=94.667 colspan=2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>2018</B></P>
</TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>REVENUES:</B></P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt; padding-left:-5.5pt">Revenues</P>
</TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>38,845</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>52,212</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>109,939</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>146,602</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">Commissions</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(1,528</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(2,114</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(4,285</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(5,984</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Net revenues</B></P>
</TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>37,317</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>50,098</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>105,654</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>140,618</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>EXPENSES:</B></P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">Voyage expenses</P>
</TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(893</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(1,613</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(3,359</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(4,920</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">Vessel operating expenses</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(13,391</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(15,442</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(39,095</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(47,094</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">Depreciation</P>
</TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(12,972</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(12,164</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(38,443</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(35,549</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">General and administrative expenses</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(4,067</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(5,300</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(12,004</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(14,021</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">Loss on sale of assets</P>
</TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(120</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">Other operating expense</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(390</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">Early redelivery cost</P>
</TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(182</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(35</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(267</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(105</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Operating income</B></P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>5,812</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>15,544</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>11,976</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>38,929</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>OTHER (EXPENSE) / INCOME:</B></P>
</TD><TD valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt; padding-left:-5.5pt">Interest expense</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(6,072</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(6,759</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(17,666</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(19,033</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">Other finance income/(costs)</P>
</TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>8,099</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(90</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>7,754</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(636</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt; padding-left:-5.5pt">Interest income</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>213</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>261</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>606</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>693</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">(Loss)/gain on derivatives</P>
</TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(4</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>8</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>51</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>18</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">Foreign currency gain/(loss)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>561</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(87</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>1,545</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(457</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">Amortization and write-off of deferred finance charges</P>
</TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(1,878</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(798</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(2,385</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(1,367</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Net income</B></P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>6,731</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>8,079</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>1,881</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>18,147</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">Less Preferred dividend</P>
</TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>2,940</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>2,874</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>9,375</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>8,511</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">Less Preferred deemed dividend</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>&#151;</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>&#151;</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>2,146</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>&#151;</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt">Net income/(loss) available to common shareholders</P>
</TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>3,791</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>5,205</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>(9,640</B></P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>)</B></P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>9,636</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Earnings/(Loss) per share basic and diluted</B></P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>0.04</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>0.05</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>(0.10</B></P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>)</B></P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>0.09</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=288><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Weighted average number of shares</B></P>
</TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>101,521,234</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>101,559,492</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>100,731,192</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>101,550,099</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin-top:2.5pt; margin-bottom:5.85pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=346></TD><TD width=4></TD><TD width=82.15></TD><TD width=3.85></TD><TD width=4></TD><TD width=68.15></TD><TD width=3.85></TD></TR>
<TR><TD valign=bottom width=461.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=216 colspan=5><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>Nine-Months Period Ended<BR>
September 30,</B></P>
</TD></TR>
<TR><TD valign=bottom width=461.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=114.667 colspan=2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>2017</B></P>
</TD><TD style="border-top:1pt solid #000000" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=96 colspan=2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>2018</B></P>
</TD></TR>
<TR><TD valign=bottom width=461.333><P style="margin-top:1.65pt; margin-bottom:1.65pt">&nbsp;<B>(In millions of U.S. Dollars)</B></P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=461.333><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>CASH FLOW DATA</B></P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=114.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=96 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=461.333><P style="margin-top:1.65pt; margin-bottom:1.65pt">Net cash provided by operating activities</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=109.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>35.4</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=90.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>58.8</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=461.333><P style="margin-top:1.65pt; margin-bottom:1.65pt">Net cash used in investing activities</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=109.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(21.1</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=90.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(33.3</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD valign=bottom width=461.333><P style="margin-top:1.65pt; margin-bottom:1.65pt">Net cash used in financing activities</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=109.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(42.0</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=90.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(35.0</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=461.333><P style="margin-top:1.65pt; margin-bottom:1.65pt">Net decrease in cash and cash equivalents</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=109.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(27.7</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=90.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(9.5</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
</TABLE>
<P style="margin-top:2.5pt; margin-bottom:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; text-indent:28pt; font-size:11pt" align=center><B>SAFE BULKERS, INC.<A NAME="Condensed_Consolidated_Balance_Sheets"></A></B></P>
<P style="line-height:15.2pt; margin:0pt; text-indent:28pt; font-size:11pt" align=center><B>CONDENSED</B> <B>CONSOLIDATED BALANCE SHEETS (UNAUDITED)</B></P>
<P style="line-height:15.2pt; margin:0pt; text-indent:28pt; font-size:11pt" align=center><B>(In thousands of U.S. Dollars)</B></P>
<P style="margin-top:0pt; margin-bottom:5.85pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=290></TD><TD width=4></TD><TD width=104.15></TD><TD width=3.85></TD><TD width=4></TD><TD width=102.15></TD><TD width=3.85></TD></TR>
<TR><TD valign=bottom width=386.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=144 colspan=2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>December 31, 2017</B></P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=141.333 colspan=2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>September 30, 2018</B></P>
</TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B><U>ASSETS</U></B></P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=144 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=141.333 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt">Cash, time deposits, and restricted cash</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>60,016</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=136.2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>41,934</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt">Other current assets</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=138.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>19,070</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=136.2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>17,444</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt">Vessels, net</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>942,876</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=136.2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>965,665</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt">Advances for vessels under construction and vessels upgrades </P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=138.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>3,653</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=136.2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>5,026</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt">Restricted cash non-current</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>8,651</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=136.2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>8,251</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt; padding-left:-7.4pt">Other non-current assets</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=138.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>831</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=136.2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>807</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-bottom:4pt solid #00FFFF" valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Total assets</B></P>
</TD><TD style="border-bottom:4pt solid #00FFFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:4pt solid #00FFFF" valign=bottom width=138.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>1,035,097</B></P>
</TD><TD style="border-bottom:4pt solid #00FFFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:4pt solid #00FFFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:4pt solid #00FFFF" valign=bottom width=136.2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>1,039,127</B></P>
</TD><TD style="border-bottom:4pt solid #00FFFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B><U>LIABILITIES AND EQUITY</U></B></P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=144 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=141.333 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt">Current portion of long-term debt</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=138.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>25,588</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=136.2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>65,304</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt">Other current liabilities</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>11,345</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=136.2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>13,654</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt">Long-term debt, net of current portion</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=138.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>541,816</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=136.2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>486,711</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt">Mezzanine equity</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=138.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=136.2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>16,998</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt">Shareholders&#146; equity</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=138.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>456,348</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=136.2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>456,460</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-bottom:4pt solid #00FFFF" valign=bottom width=386.667><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Total liabilities and equity</B></P>
</TD><TD style="border-bottom:4pt solid #00FFFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:4pt solid #00FFFF" valign=bottom width=138.867><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>1,035,097</B></P>
</TD><TD style="border-bottom:4pt solid #00FFFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:4pt solid #00FFFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:4pt solid #00FFFF" valign=bottom width=136.2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>1,039,127</B></P>
</TD><TD style="border-bottom:4pt solid #00FFFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin-top:2.5pt; margin-bottom:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=center><B>TABLE 1<A NAME="Table1__Reconciliation_of_earnings"></A></B></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=center><B>RECONCILIATION OF ADJUSTED NET INCOME/(LOSS), EBITDA, ADJUSTED EBITDA AND ADJUSTED EARNINGS/(LOSS) PER SHARE</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=211.5></TD><TD width=4></TD><TD width=67.15></TD><TD width=3.85></TD><TD width=4></TD><TD width=67.15></TD><TD width=3.85></TD><TD width=4></TD><TD width=67.15></TD><TD width=3.85></TD><TD width=4></TD><TD width=67.15></TD><TD width=3.85></TD></TR>
<TR><TD valign=top width=282><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=194.667 colspan=5><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>Three-Months Period Ended<BR>
September 30,</B></P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=194.667 colspan=5><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>Nine-Months Period Ended<BR>
September 30,</B></P>
</TD></TR>
<TR><TD valign=top width=282><P style="line-height:9pt; margin-top:1.15pt; margin-bottom:1.15pt; font-size:7pt"><I>(In thousands of U.S. Dollars except for share and per share data)</I></P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=94.667 colspan=2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>2017</B></P>
</TD><TD style="border-top:1pt solid #000000" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=94.667 colspan=2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>2018</B></P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=94.667 colspan=2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>2017</B></P>
</TD><TD style="border-top:1pt solid #000000" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=94.667 colspan=2><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=center><B>2018</B></P>
</TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B><I><U>Net Income - Adjusted Net (Loss)/Income</U></I></B></P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Net Income</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>6,731</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>8,079</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>1,881</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>18,147</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Plus Loss on sale of assets</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>120</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Plus Early redelivery cost</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>182</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>35</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>267</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>105</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Plus Other operating expense</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>390</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=bottom width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Plus Loss/(gain) on derivatives</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>4</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(8</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(51</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(18</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Plus Foreign currency (gain)/loss</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(561</P>
</TD><TD valign=top width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>87</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(1,545</P>
</TD><TD valign=top width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>457</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Less Gain on debt extinguishment</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(8,189</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(8,189</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Adjusted Net (loss)/income</B></P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>(1,833</B></P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>)</B></P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>8,193</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>(7,127</B></P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>)</B></P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>18,691</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B><I><U>EBITDA - Adjusted EBITDA</U></I></B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Net Income</B></P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>6,731</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>8,079</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>1,881</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>18,147</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Plus Net Interest expense</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>5,859</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>6,498</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>17,060</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>18,340</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Plus Depreciation</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>12,972</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>12,164</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>38,443</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>35,549</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Plus Amortization</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>1,878</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>798</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>2,385</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>1,367</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>EBITDA</B></P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>27,440</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>27,539</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>59,769</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>73,403</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Plus Loss on sale of assets</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>120</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Plus Early redelivery cost</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>182</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>35</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>267</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>105</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Plus Other operating expense</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>390</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Plus Loss/(gain) on derivatives</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>4</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(8</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(51</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(18</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Plus Foreign currency (gain)/loss</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(561</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>87</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(1,545</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>457</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Less Gain on debt extinguishment</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(8,189</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(8,189</P>
</TD><TD valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>ADJUSTED EBITDA</B></P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>18,876</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>27,653</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>50,761</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>73,947</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B><I><U>Earnings/(Loss)&nbsp;per share</U></I></B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Net Income</B></P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>6,731</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>8,079</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>1,881</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>18,147</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Less Preferred dividend</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>2,940</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>2,874</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>9,375</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>8,511</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Less Preferred deemed dividend</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>2,146</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Net income/(loss) available to common shareholders</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>3,791</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>5,205</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(9,640</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD style="background-color:#CCEEFF" valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=bottom width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>9,636</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Weighted average number of shares</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>101,521,234</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>101,559,492</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>100,731,192</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>101,550,099</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Earnings/(Loss) per share</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>0.04</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>0.05</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>(0.10</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>)</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>0.09</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B><I><U>Adjusted (Loss)/Earnings per share</U></I></B></P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667 colspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Adjusted Net (Loss)/Income</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>(1,833</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>)</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>8,193</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>(7,127</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>)</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>18,691</B></P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Less Preferred dividend</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>2,940</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>2,874</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>9,375</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>8,511</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Less Preferred deemed dividend</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>2,146</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>&#151;</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Adjusted Net (loss)/income available to common shareholders</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin:1.65pt" align=right><BR></P>
<P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(4,773</P>
</TD><TD valign=top width=5.133><P style="margin:1.65pt"><BR></P>
<P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin:1.65pt" align=right><BR></P>
<P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>5,319</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin:1.65pt" align=right><BR></P>
<P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>(18,648</P>
</TD><TD valign=top width=5.133><P style="margin:1.65pt"><BR></P>
<P style="margin-top:1.65pt; margin-bottom:1.65pt">)</P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin:1.65pt" align=right><BR></P>
<P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>10,180</P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="background-color:#CCEEFF" valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt">Weighted average number of shares</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>101,521,234</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>101,559,492</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>100,731,192</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="background-color:#CCEEFF" valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right>101,550,099</P>
</TD><TD style="background-color:#CCEEFF" valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=282><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>Adjusted (Loss)/Earnings per share</B></P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>(0.05</B></P>
</TD><TD valign=top width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>)</B></P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>0.05</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>(0.19</B></P>
</TD><TD valign=top width=5.133><P style="margin-top:1.65pt; margin-bottom:1.65pt"><B>)</B></P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=89.533><P style="margin-top:1.65pt; margin-bottom:1.65pt" align=right><B>0.10</B></P>
</TD><TD valign=top width=5.133><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin-top:2.5pt; margin-bottom:0pt"><BR></P>
<P style="line-height:12.8pt; margin:0pt; font-size:9pt" align=justify>EBITDA, Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share are not recognized measurements under US GAAP.</P>
<P style="line-height:12.8pt; margin:0pt; font-size:9pt" align=justify>- EBITDA represents Net income/(loss) before interest, income tax expense, depreciation and amortization.</P>
<P style="line-height:12.8pt; margin:0pt; font-size:9pt" align=justify>- Adjusted EBITDA represents EBITDA before loss on sale of assets, gain/(loss) on derivatives, early redelivery cost, other operating expense and gain/(loss) on foreign currency.</P>
<P style="line-height:12.8pt; margin:0pt; font-size:9pt" align=justify>- Adjusted Net income/(loss) represents Net income/(loss) before loss on sale of assets, gain/(loss) on derivatives, early redelivery cost, other operating expense and gain/(loss) on foreign currency.</P>
<P style="line-height:12.8pt; margin:0pt; font-size:9pt" align=justify>- Adjusted earnings/(loss) per share represents Adjusted Net income/(loss) less preferred dividend divided by the weighted average number of shares.</P>
<P style="line-height:12.8pt; margin:0pt; font-size:9pt" align=justify>EBITDA, Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share are used as supplemental financial measures by management and external users of financial statements, such as investors, to assess our financial and operating performance. The Company believes that these non-GAAP financial measures assist our management and investors by increasing the comparability of our performance from period to period. The Company believes that including these supplemental financial measures assists our management and investors in (i) understanding and analyzing the results of our operating and business performance, (ii) selecting between investing in us and other investment alternatives and (iii) monitoring our financial and operational performance in assessing whether to continue investing in us. The Company believes that EBITDA, Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share are useful in evaluating the Company&#146;s operating performance from period to period because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, the calculation of Adjusted EBITDA generally further eliminates the effects from loss on sale of assets, gain/(loss) on derivatives, early redelivery cost, other operating expense and gain/(loss) on foreign currency, items which may vary from year to year and for different companies for reasons unrelated to overall operating performance. Furthermore, the calculation of Adjusted Net income/(loss) generally eliminates the effects of loss on sale of assets, gain/(loss) on derivatives, early redelivery cost, other operating expense and gain/(loss) on foreign currency, items which may vary from year to year and for different companies for reasons unrelated to overall operating performance. EBITDA, Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the Company&#146;s results as reported under US GAAP. EBITDA, Adjusted EBITDA, Adjusted Net income/(loss) should not be considered as substitutes for net income and other operations data prepared in accordance with US GAAP or as a measure of profitability. While EBITDA and Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share, 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. In evaluating Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share should not be construed as an inference that our future results will be unaffected by the excluded items.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:16.4pt; margin:0pt; font-size:12pt" align=center><B>TABLE 2: FLEET DATA AND AVERAGE DAILY INDICATORS<A NAME="Table2__Fleet_Data"></A></B></P>
<P style="margin-top:0pt; margin-bottom:5.85pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=215.9></TD><TD width=5.95></TD><TD width=56.15></TD><TD width=8.85></TD><TD width=4></TD><TD width=6></TD><TD width=56.15></TD><TD width=8.85></TD><TD width=4></TD><TD width=6></TD><TD width=56.15></TD><TD width=9></TD><TD width=4></TD><TD width=6></TD><TD width=56.15></TD><TD width=8.85></TD></TR>
<TR><TD valign=bottom width=287.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=194.6 colspan=7><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>Three-Months Period Ended<BR>
September 30,</B></P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=194.867 colspan=7><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>Nine-Months Period Ended<BR>
September 30,</B></P>
</TD></TR>
<TR><TD valign=bottom width=287.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=94.6 colspan=3><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>2017</B></P>
</TD><TD style="border-top:1pt solid #000000" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=94.667 colspan=3><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>2018</B></P>
</TD><TD valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=94.867 colspan=3><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>2017</B></P>
</TD><TD style="border-top:1pt solid #000000" valign=top width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=94.667 colspan=3><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=center><B>2018</B></P>
</TD></TR>
<TR><TD valign=bottom width=287.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><U>FLEET DATA</U></P>
</TD><TD valign=bottom width=94.6 colspan=3><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.667 colspan=3><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.867 colspan=3><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.667 colspan=3><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=287.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">Number of vessels at period&#146;s end</P>
</TD><TD valign=bottom width=82.8 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>38</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>41</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>38</P>
</TD><TD valign=top width=12><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>41</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=287.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">Average age of fleet (in years)</P>
</TD><TD valign=bottom width=82.8 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>7.25</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>8.08</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>7.25</P>
</TD><TD valign=top width=12><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>8.08</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=287.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">Ownership days (1)</P>
</TD><TD valign=bottom width=82.8 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>3,496</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>3,720</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>10,358</P>
</TD><TD valign=top width=12><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>10,796</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=287.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">Available days (2)</P>
</TD><TD valign=bottom width=82.8 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>3,496</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>3,655</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>10,288</P>
</TD><TD valign=top width=12><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>10,574</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=287.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">Operating days (3)</P>
</TD><TD valign=bottom width=82.8 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>3,478</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>3,628</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>10,181</P>
</TD><TD valign=top width=12><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>10,433</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=287.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">Fleet utilization (4)</P>
</TD><TD valign=bottom width=82.8 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>99.5</P>
</TD><TD valign=bottom width=11.8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>%</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>97.5</P>
</TD><TD valign=bottom width=11.8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>%</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>98.3</P>
</TD><TD valign=bottom width=12><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>%</P>
</TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>96.6</P>
</TD><TD valign=bottom width=11.8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>%</P>
</TD></TR>
<TR><TD valign=bottom width=287.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">Average number of vessels in the period (5)</P>
</TD><TD valign=bottom width=82.8 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>38.00</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>40.43</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>37.94</P>
</TD><TD valign=top width=12><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.867 colspan=2><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>39.55</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=287.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt"><U>AVERAGE DAILY RESULTS</U></P>
</TD><TD valign=bottom width=94.6 colspan=3><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.667 colspan=3><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.867 colspan=3><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.667 colspan=3><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=287.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">Time charter equivalent rate (6)</P>
</TD><TD valign=bottom width=7.933><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>10,419</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>13,265</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>9,943</P>
</TD><TD valign=top width=12><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>12,833</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=287.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">Daily vessel operating expenses (7)</P>
</TD><TD valign=bottom width=7.933><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>3,830</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>4,151</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>3,774</P>
</TD><TD valign=top width=12><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>4,362</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=287.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">Daily vessel operating expenses excluding dry-docking</P>
<P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">&nbsp;and pre-delivery expenses (8)</P>
</TD><TD valign=bottom width=7.933><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>3,830</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>4,022</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>3,679</P>
</TD><TD valign=top width=12><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>4,152</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=287.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">Daily general and administrative expenses (9)</P>
</TD><TD valign=bottom width=7.933><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>1,163</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>1,425</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>1,159</P>
</TD><TD valign=top width=12><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=5.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=8><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt">$</P>
</TD><TD valign=bottom width=74.867><P style="line-height:11pt; margin-top:1.5pt; margin-bottom:1.5pt; font-size:9pt" align=right>1,299</P>
</TD><TD valign=top width=11.8><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:14pt; margin-top:2.5pt; margin-bottom:6.65pt; text-indent:5pt" align=justify>_____________</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:36pt; text-indent:-18pt; font-size:9pt" align=justify>(1)</P>
<P style="line-height:12.8pt; margin:0pt; padding-left:36pt; font-size:9pt" align=justify>Ownership days represents the aggregate number of days in a period during which each vessel in our fleet has been owned by us.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:36pt; text-indent:-18pt; font-size:9pt" align=justify>(2)</P>
<P style="line-height:12.8pt; margin:0pt; padding-left:36pt; font-size:9pt" align=justify>Available days represents 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.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:36pt; text-indent:-18pt; font-size:9pt" align=justify>(3)</P>
<P style="line-height:12.8pt; margin:0pt; padding-left:36pt; font-size:9pt" align=justify>Operating days represents 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.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:36pt; text-indent:-18pt; font-size:9pt" align=justify>(4)</P>
<P style="line-height:12.8pt; margin:0pt; padding-left:36pt; font-size:9pt" align=justify>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.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:36pt; text-indent:-18pt; font-size:9pt" align=justify>(5)</P>
<P style="line-height:12.8pt; margin:0pt; padding-left:36pt; font-size:9pt" align=justify>Average number of vessels in the period is calculated by dividing ownership days in the period by the number of days in that period.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:36pt; text-indent:-18pt; font-size:9pt" align=justify>(6)</P>
<P style="line-height:12.8pt; margin:0pt; padding-left:36pt; font-size:9pt" align=justify>Time charter equivalent rate, or TCE rate, represents our charter revenues less commissions and voyage expenses during a period divided by the number of available days during such period.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:36pt; text-indent:-18pt; font-size:9pt" align=justify>(7)</P>
<P style="line-height:12.8pt; margin:0pt; padding-left:36pt; font-size:9pt" align=justify>Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by ownership days for such period. Vessel operating expenses include crewing, insurance, lubricants, spare parts, provisions, stores, repairs, maintenance including dry-docking, statutory and classification expenses and other miscellaneous items. </P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:36pt; text-indent:-18pt; font-size:9pt" align=justify>(8)</P>
<P style="line-height:12.8pt; margin:0pt; padding-left:36pt; font-size:9pt" align=justify>Daily vessel operating expenses excluding dry-docking and pre-delivery expenses are calculated by dividing vessel operating expenses excluding dry-docking and pre-delivery expenses for the relevant period by ownership days for such period. Dry-docking expenses include costs of shipyard, paints and agent expenses and pre-delivery expenses include initially supplied spare parts, stores, provisions and other miscellaneous items provided to a newbuild or second hand acquisition prior to their operation.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:36pt; text-indent:-18pt; font-size:9pt" align=justify>(9)</P>
<P style="line-height:12.8pt; margin:0pt; padding-left:36pt; font-size:9pt" align=justify>Daily general and administrative expenses are calculated by dividing general and administrative expenses for the relevant period by ownership days for such period. Daily general and administrative expenses include daily management fees payable to our Manager and daily company administration expenses. </P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify><B>About Safe Bulkers, Inc.<A NAME="About_Safe_Bulkers__Inc_"></A></B></P>
<P style="line-height:15.2pt; margin-top:4.6pt; margin-bottom:0pt; font-size:11pt" align=justify>The Company 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 users of marine drybulk transportation services. The Company&#146;s common stock, series C preferred stock and series D preferred stock are listed on the NYSE, and trade under the symbols &#147;SB&#148;, &#147;SB.PR.C&#148;, and &#147;SB.PR.D&#148;, respectively.</P>
<P style="line-height:15.2pt; margin-top:16.5pt; margin-bottom:0pt; font-size:11pt" align=justify><B>Forward-Looking Statements</B></P>
<P style="line-height:15.2pt; margin-top:4.6pt; margin-bottom:4.6pt; font-size:11pt" align=justify>This press release contains forward-looking statements (as defined in Section 27A of the Securities Exchange Act of 1934, as amended, and in Section 21E of the Securities Act of 1933, as amended) concerning future events, the Company&#146;s growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as &#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;believes,&#148; &#147;anticipates,&#148; &#147;hopes,&#148; &#147;estimates&#148; and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, risks associated with operations outside the United States and other factors listed from time to time in the Company&#146;s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company&#146;s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.</P>
<P style="line-height:15.2pt; margin-top:4.6pt; margin-bottom:4.6pt; font-size:11pt" align=justify><B>For further information please contact:</B></P>
<P style="line-height:15.2pt; margin-top:4.6pt; margin-bottom:0pt; font-size:11pt" align=justify><B>Company Contact:</B></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>Dr. Loukas Barmparis</P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>President</P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>Safe Bulkers, Inc.</P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>Tel.: +30 21 11888400</P>
<P style="line-height:15.2pt; margin:0pt; text-indent:24pt; font-size:11pt" align=justify>+357 25 887200</P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>E-Mail:<FONT COLOR=#0000FF><U>directors@safebulkers.com</U></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify><B>Investor Relations / Media Contact:</B></P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>Nicolas Bornozis, President</P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>Capital Link, Inc.</P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>230 Park Avenue, Suite 1536</P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>New York, N.Y. 10169</P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>Tel.: (212) 661-7566</P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt">Fax: (212) 661-7526</P>
<P style="line-height:15.2pt; margin:0pt; font-size:11pt" align=justify>E-Mail:<FONT COLOR=#0000FF><U>safebulkers@capitallink.com</U></FONT></P>
<P style="margin:0pt"><BR></P>
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<P style="margin:0pt" align=center><BR></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
